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The authors propose an empirical analysis of the current situation in monotowns. The study questions the perceived seriousness of the "monotown problem" as well as the actual challenges it presents. The authors use a cluster analysis to divide monotowns into groups for further structural comparison. The structural differences in the available databases limit the possibilities of empirical analysis. Hence, alternative approaches are required. The authors consider possible reasons for the limitations identified. Special attention is paid to the monotowns that were granted the status of advanced development territories. A comparative analysis makes it possible to study their general characteristics and socioeconomic indicators. The authors apply the theory of opportunistic behaviour to describe potential problems caused by the lack of unified criteria for granting monotowns the status of advanced development territories. The article identifies the main stakeholders and the character of their interaction; it desc ribes a conceptual model built on the principal/agent interactions, and identifies the parametric space of mutually beneficial cooperation. The solution to the principal/agent problem suggested in the article contributes to the development of an alternative approach to the current situation and a rational approach to overcoming the "monotown problem".

The authors of this paper propose an approach to studying risk management in the most vulnerable monotowns that would account for the relations between major stakeholders and use the tools developed in the framework of the new institutional economic theory. Having compared the existing definitions of the "monotown" concept, the authors present their own approach. They identify key reasons behind monotown vulnerability and systematize stakeholders' risks. The authors then posit that a study of monotown-related issues would be incomplete without accounting for stakeholders' interests and relations. Monotown problems become apparent in the context of institutional agreements carried out with high transition costs and increased risks of opportunistic behaviour encountered by the institutional agreement stakeholders. Solving these problems through the methods proposed in the article would help to identify a wider range of alternatives while still taking into account all the typical scenarios. The authors analyse the process of risk management in monotowns from the viewpoint of international practices; and identify structural alternatives of outweighing these risks by considering key relations affecting the implementation of each alternative.