Moseiko, V. V. (2019). Issues of Modern Pensioning. Zhurnal Economicheskoj Teorii [Russian Journal of Economic Theory], 16(1), 120-129
This article presents the analysis of modern pensioning in the context of economic institutional theory. In accordance with the theory of social contract with regard to the pension process, the author aims to identify the reasons for the specificity of the pension good and the hold-up problem on the part of the government as a consequence of the establishment of a vertical pension contract. The researched factual database consists of information analysis materials, recent surveys and sample panels provided by the Federal State Statistic Service of Russia. It has been shown that the pension contract in Russia is characterized by a significant role of the state. This leads to the formation of high-degree specificity of the pension benefit and, as a result, to the issue of extortion on the part of the state. It has been established that the monopoly position of the state in the pension process is the reason for the specificity of the pension good. The conclusions and propositions of the study may become subjects of further research of various aspects of Russian pension system.