Mechanism of Actors’ Interaction in Imperfect Competition
The paper studies the mechanism of actors’ interaction in the market characterized by imperfect competition at the example of natural gas market. It holds content analysis of the concepts “market” and “imperfect competition”. Having systematized the propositions of new institutionalism, theory of industrial organization, and the concept of organizational field, the authors elaborate on the specifics of markets with imperfect competition and identify the formation mechanism and factors in development of the natural gas market. The paper proves that interaction of the actors in this market is based on hybrid form of management. The key traits of the hybrid mechanism of coordination include specific contractual relations, power asymmetry, and quasi-market regulation of prices. The research findings can be useful for companies in the sector in the strategic decision-making, as well as for government authorities in the regulation of industrial markets