Institutional environment for the development of the sharing economy

Abstract

The article is devoted to studying prerequisites for the formation of the institutional environment of the economy of joint consumption in the current digital environment. From the standpoint of institutional theory, the institutional environment is understood as an ordered set of institutions that determine the constraints for economic agents in making innovative managerial decisions. The peculiarities of the institutional environment functioning are determined by the mutual support of the institutions, which is ensured by performing their respective functions. It is proved that the development of the relationship between formal and informal institutions is one of the key factors of institutional dynamics. It needs not only the formation but also the perception of the rules and norms accepted in society. Formal constraints, rules, and institutions emerge for the most part from the principles of already existing informal rules and mechanisms that enforce them. The functions of the institutional environment, which generally represent the activities aimed at streamlining the actions to maintain stability in society, are highlighted.