Adaptation, Specialization, and the Theory of the Firm

Foundations of the Resource-Based View

Inbunden, Engelska, 2016

Av Birger Wernerfelt, Birger (Massachusetts Institute of Technology) Wernerfelt

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This invaluable book provides the foundations for a new theory of the firm, drawing on Birger Wernerfelt's landmark work on economic theory and the resource-based view of the firm. It addresses a vigorous and long-standing academic debate over what exactly a 'firm' is, both in the field of management and economics. Wernerfelt revisits his classic articles, including an extensively revised 'A Resource-Based View of the Firm' (1984), which have been updated and synthesized to provide precise and accessible concepts and predictions. By offering future directions for research and practice, this book will be of interest to students and scholars of management and economics alike.

Produktinformation

Utgivningsdatum2016-10-27
Mått157 x 235 x 23 mm
Vikt590 g
FormatInbunden
SpråkEngelska
Antal sidor324
FörlagCambridge University Press
ISBN9781107134409

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Preface; Part I. Agenda: 1. Introduction; 2. Preview: small forces, high frequencies, and large firms; Part II. The Main Argument: 3. Adaptation costs in one dimension: firms, contracts, and price lists; 4. Adaptation costs in three dimensions: firms, markets, and contracts; 5. All adaptations are not the same: the scope of firms and the size of markets; 6. Resources and the scope of the firm; Part III. Implications: 7. The allocation of asset ownership; 8. Communication within and between firms; 9. The power of incentives within and between firms; 10. Decision-making in large organizations; Part IV. Empirical Tests: 11. Bargaining costs: existence and sub-additivity; 12. Adaptation frequency and the boundary of the firm; 13. Asset ownership and externalities; Part V. Foundations: 14. Endogenously incomplete contracts; 15. Multiple equilibria and firm heterogeneity; 16. On the endogenous amplification of small differences; Part VI. Postscript: 17. Summary and final reflections; Index.

'Birger Wernerfelt's work over the last thirty years has been enormously influential among management scholars but less so among economists. This book, which brings together and expands on many of Wernerfelt's papers, should redress the balance. Wernerfelt's theories of firms and organizations based on bargaining and adjustment costs are compelling and realistic, and economists have a great deal to learn from them.' Oliver Hart, Winner of the 2016 Nobel Peace Prize in Economic Sciences, and Andrew E. Furer Professor of Economics, Harvard University, Massachusetts