Abstract
The article considers institutional responses to the challenges created by COVID-19 pandemic. The comparison of discrete structural alternatives is one of the most important principles of institutional analysis. It means that policymakers and researchers rely on a countable set of legal options in the course of comparison of different institutions designed to solve one or another problem. COVID-19 pandemic provoked the elaboration of “intermediate” normative solutions, thus changing the legal framework and leading to the formation of the short-term “institutional continuum” instead of the established spectrum of alternatives.
Highlights
The article considers institutional responses to the challenges created by COVID-19 pandemic
The comparison of discrete structural alternatives is one of the most important principles of institutional analysis. It means that policymakers and researchers rely on a countable set of legal options in the course of comparison of different institutions designed to solve one or another problem
One of the most influential scientific schools involved in research of institutions in the last two to three decades has been the new institutional economic theory, which has man aged to combine the strengths of institutionalism and neoclassical economics including in the context of analysis opportunistic behaviour, and bounded rationality, and utility maxi mization, and methodological individualism (Shastitko 2010)
Summary
The article considers institutional responses to the challenges created by COVID-19 pandemic. The principle of comparing discrete structural alternatives states that, un like the usual neoclassical task of utility maximization on a continuum of possible solutions, when an individual faces a choice between institutions, he or she has to choose the best option from only a few available alternatives, and the ideal optimum – the first best – is not usually available in practice.
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