7. Preventing Corporate Fiascos: Beyond the Institutions

We developed the tetrahedron model for fiasco prevention in the human-institution component in a systemic framework. The problem and solution is in the set-theoretic domain. The problem can be expressed as σ-algebra for the finding of the optimum decision subset, called generated σ(Δ) where Δ is the subset which hurts the institution. The conceptual model of institution-exception-decision-Oversight unit can be now extended to market and economy, where the institution is part of the market or economy. Beyond the institution level the problem is quite different due to the heavily networked structure of the market and the economy, even though hierarchies of structures exist. We argue that the conceptual model will still work for market and economy components.