The institute of mediation in the market of credence goods: an analysis of strengths and weaknesses

Author(s):  M.A. Kolosova, Orel State University named after I.S. Turgenev, Orel, Russia, marykolosova@yandex.ru

Issue:  Volume 45, № 3

Rubric:  The labour market and economics of education

Annotation:  This article is devoted to the study of the role and functions of the institution of mediation in the markets of credence goods. The author has selected a group of mediators in economic relations in the sphere of formation and implementation of demand and in economic relations in the sphere of formation and implementation the supply. The role and functions of each group of mediators are disclosed. The role and functions of each group of intermediaries, examples are given within the framework of industry markets. Studied the role of the government, as the mediator, taking upon himself the burden of the costs of the provision of credence goods. Types and forms of opportunistic behavior of each of the groups of mediators and the government considered.

Keywords:  market of credence goods, transaction mediators, commercial mediators, government, opportunistic behavior

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