The make-or-buy decision is analyzed in a three-layer principal-management-agent model. There is a cost-saving/quality tradeoff in effort provision. The principal chooses between employing an in-house management and contracting with an independent management; the cost-saving incentives facing...

The configuration of industrial enterprises in Romania, in terms of numbers and structure, in relation to their characteristics, mirrors the Romanian economy and society at large, in their chronological development. Marked by the changes in the technological and economic paradigm, by the...

Did the unbundling the railways in the Czech Republic ensure efficient railway transportation? The separation of railway operators and infrastructure is supposed to ensure efficient railway transportation. However, the experience with the unbundling of the railway operation in the Czech Republic...

The paper presents a game-theoretic model in order to investigate to what extent an employee privatization program of a State owned firm can be feasible under certain assumptions concerning the players' objective functions and the market structure in which the firm operates. The public managers...

This paper formulates a positive model that predicts when parties will employ private ordering to enforce their agreements. The typical enforcement mechanism associated with private ordering is the reputation mechanism, when a merchant community punishes parties in breach of contract by denying...

Does unbundling ensure efficient railway transportation? The separation of railway operators and infrastructure is supposed to ensure efficient railway transportation. However, the experience with the unbundling of the railway operation in the Czech Republic suggests that unbundling does not...

This paper analyzes the relationship of ownership concentration and firm performance in the context of different institutional environments in 28 Central and Eastern European transition economies. Using the BEEPS data for the period from 2002 to 2009 we find an inverted u-shaped relation of...

Reform in the transitional economies can be characterized by large falls in agricultural output and by strong decapitalization of the agricultural production system. A key factor has been the disruption caused by the breakup of the pre-reform, vertically integrated, centrally planned,...

This paper incorporates a new inter-disciplinary methodology of the New Institutional and Transaction Costs Economics, and examines pace, factors and modes for post-communist agricultural specialization and farming structures development in Bulgaria. Firstly, it presents the specific Bulgarian...

This paper seeks to explain the technological forces that led to the rise of vertically integrated corporations in the late 19th Century and the opposing forces that led to a vertical-to-horizontal transition in the computer industry one hundred years later. I first model the technology of step...