 
<p class=\"MsoNormal\" style=\"margin: 0cm -4.1pt 0pt 0cm; text-align: justify; line-height: 150%; mso-hyphenate: auto; tab-stops: 481.9pt;\"><span style=\"font-family: Times New Roman;\"><span style=\"line-height: 150%; font-size: 14pt; mso-ansi-language: EN-US; mso-fareast-language: RU;\" lang=\"EN-US\">The paper considers the existing approaches to forecasting development of institutions. It shows drawbacks of the existing approaches and proposes an approach to forecasting the evolution of institutions based on assessment of their impact on the level of transaction costs of economic agents. The possibilities of the proposed approach to explain the phenomena of institutional trap are shown. On the base of transaction approach an adequate model </span><span style=\"color: black; line-height: 150%; font-size: 14pt; mso-ansi-language: EN-US;\" lang=\"EN-US\">of interaction between economic agents and institutions </span><span style=\"line-height: 150%; font-size: 14pt; mso-ansi-language: EN-US; mso-fareast-language: RU;\" lang=\"EN-US\">is developed</span><span style=\"color: black; line-height: 150%; font-size: 14pt; mso-ansi-language: EN-US;\" lang=\"EN-US\"> which allows to forecasting </span><span style=\"line-height: 150%; font-size: 14pt; mso-ansi-language: EN-US; mso-fareast-language: RU;\" lang=\"EN-US\">the institution dissemination among economic agents. Also this model allows to forecasting emergence the institutional traps.</span></span></p>
<p><span style=\"font-family: Times New Roman;\"><span style=\"line-height: 150%; font-size: 14pt; mso-ansi-language: EN-US;\" lang=\"EN-US\">Key words:</span><span class=\"hps\"><span style=\"line-height: 150%; font-size: 14pt; mso-ansi-language: EN;\" lang=\"EN\"> innovative environment, evolution of institutions, forecasting, transaction costs</span></span></span></p>
 