Institutional mechanisms of exchange in the conditions of digital transformation of the economy

Abstract

Aim. To identify changes in the institutional mechanisms of exchange of goods and resources caused by the digital transformation of economic processes in the modern economy.Tasks. To determine the features of institutional mechanisms of exchange of goods, services and assets; to analyze the types of transactions and sources of uncertainty that affect the conditions of exchange within each mechanism; to formulate the priority directions of changes in institutional mechanisms of exchange in the conditions of digital transformation of the economy.Methods. The theoretical basis of the study is formed by general scientific methods such as analysis, synthesis, generalization, systematization, as well as neoclassical, institutional and comparative approaches.Results. The features of the traditional market, “thin” market (on the example of auction), direct transaction and digital platform as institutional mechanisms of exchange are determined. The specificity of the realization of market, hierarchical and network transactions, as well as the possibilities of reducing uncertainty associated with neoclassical, post-industrial and fundamental sources by means of various institutional mechanisms of exchange are shown. On the basis of pairwise comparative analysis the directions of changes in institutional mechanisms of exchange in the conditions of digital transformation are formulated.Conclusions. In the evolution of institutional mechanisms of exchange in the conditions of digital transformation, the digital platform, offering innovative technological solutions and opportunities that simplify the process of exchange and creating conditions for improving its performance, has competitive advantages over other mechanisms and significant potential to ensure the functioning of the economy in the near future.