TRANSACTION COSTS AND INFORMATION ASYMMETRY IN STATE ATOMIC SUPERVISION: ECONOMIC AND INSTITUTIONAL TRANSFORMATION IN KAZAKHSTAN

The article examines the economic, regulatory and organizational foundations of state control and supervision in Kazakhstan. This study analyzes the evolution of the institutional architecture within the newly established regulatory agency. The aim of the study is to comprehensively assess the economic, institutional, and regulatory foundations of state control and supervision in Kazakhstan’s atomic energy sector, analyze the effectiveness of the regulatory authority and the transaction costs incurred by supervised entities, and develop proposals for improving risk-based regulation, strengthening regulatory independence and resource capacity, and reducing compliance costs. Particular attention is given to the implementation mechanisms of state supervision and control in the atomic energy sector, drawing upon an array of inspection statistics and empirical data from nuclear facilities, including the market operator. The study also assesses the transaction cost burden of the national operator. A comparative and contrastive analysis on the quantitative parameters (staffing levels and oversight maintenance budgets) of regulatory authorities in the Republic of Kazakhstan and foreign countries was conducted. The impact of IAEA requirements on the development of the national regulatory framework and the institutional regulatory model has been demonstrated. The scientific novelty of this research lies in the comprehensive assessment of state supervision, positioning it not merely as a strictly legal function, but rather as an economic institution. The author’s primary contribution consists in providing quantitative and qualitative justification of the causality, utilizing comparative international benchmarking, between risk-based regulatory enforcement and the compliance cost trajectories of entities under supervision. Based on the conducted analysis, proposals are formulated to improve the economic efficiency, governance mechanisms and regulatory framework, including the elimination of information asymmetry and the minimization of the risk of opportunistic behavior, strengthening the independence and resource capacity of the regulator, developing a risk-based and preventive approach, digitalizing supervisory activities, and enhancing transparency and public participation.

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