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Corruption and Economic Theory

The result's identifiers

  • Result code in IS VaVaI

    <a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216275%3A25410%2F18%3A39913284" target="_blank" >RIV/00216275:25410/18:39913284 - isvavai.cz</a>

  • Result on the web

  • DOI - Digital Object Identifier

Alternative languages

  • Result language

    angličtina

  • Original language name

    Corruption and Economic Theory

  • Original language description

    Corruption is a phenomenon with many facets, which is usually interpreted from the viewpoints of a number of alternative approaches. This paper analyzes the problem of corruption from the perspective of economic theory as a science of general principles concerning the operation of society’s economic life. Does economics have something to say about the problem of corruption? It its methodological approach relevant for analyzing corruption? We think that it is. Even though theoretical economics has not made the problem of corruption subject to its attention, analyzing its historical evolution makes it possible to corroborate many economists’ interest in corruption’s negative impact on the economy as well as the possibility of understanding the problem of corruption within the methodological terrain of alternative economic trends. This paper emphasizes the significance of the theory of rational choice for investigating the motives of corrupt choices in addition to defining corruption in the context of this theory. By applying the Neumann-Morgenstern expected utility function, the paper confirms that the duration and severity of punishment does not represent that great a risk for agents of corruption – in particular, this concerns individuals without aversion to risk. However, participants in corruption react to a change in the probability of discovery by limiting their activities in a relatively significant way, which makes it possible to increase the number of revealed and convicted perpetrators and, at the same time, lower the number of potential corrupt exchanges. In game theory, the final solution for the dilemma of corrupt choices shows that corrupt participants in economic relationships are able to crowd out honest agents. However, in the case of repeated games, it pays for the entities to play ethically.

  • Czech name

  • Czech description

Classification

  • Type

    D - Article in proceedings

  • CEP classification

  • OECD FORD branch

    50201 - Economic Theory

Result continuities

  • Project

  • Continuities

    S - Specificky vyzkum na vysokych skolach

Others

  • Publication year

    2018

  • Confidentiality

    S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Data specific for result type

  • Article name in the collection

    SGEM 2018 : conference proceedings. Vol. 5

  • ISBN

    978-619-7408-67-6

  • ISSN

    2367-5659

  • e-ISSN

    neuvedeno

  • Number of pages

    8

  • Pages from-to

    "549 "- 556

  • Publisher name

    SGEM

  • Place of publication

    Sofia

  • Event location

    Albena

  • Event date

    Aug 24, 2018

  • Type of event by nationality

    WRD - Celosvětová akce

  • UT code for WoS article