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Ethics and trust as tools to minimize transaction costs in innovation activities

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Innovation is one of the most important conditions of competitiveness and economic development. However, the transition to innovative development is associated with high levels of transaction costs. The article describes the main types of transaction costs related to the implementation of innovation. Effective tools to reduce transaction costs of innovation activities, according to the author, are informal institutions such as ethics and trust. Ethics and trust are the tools consolidate the institutions that would significantly reduce transaction costs, especially information search, measurement, and opportunistic behavior. The author shows the factors of positive influence of high level of trust and ethics in the innovative development of the economy through reductions in transaction costs: facilitating the coordination of interests of economic agents of the innovation process, accelerate information exchange and cooperation in the innovative sphere, innovative risk minimization and etc.

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