Browsing Research documents by Author "J. Foss, Nicolai"
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a Preliminary Methodological StocktakingJ. Foss, Nicolai (København, 1998)[More information][Less information]
Abstract: This paper discusses, from the perspective of Austrian economics, the merits and drawbacks of game theory in economics. It begins by arguing that Austrians have neglected game theory at their peril, and then argues that game theoretic reasoning may be one way of modelling key Austrian insights, although some aspects of game theory doesn’t square easily with Austrian economics. However, a major stumbling block for an Austrian acceptance of game theory may lie in the traditional Austrian resistance to formal methods. URI: http://hdl.handle.net/10398/8094 Files in this item: 1
8778730678.pdf (92.16Kb) -
the Rebirth of Production in the Theory of Economic OrganizationJ. Foss, Nicolai; N. Langlois, Richard (Connecticut, 1997)[More information][Less information]
Abstract: We argue that since Coase’s seminal 1937 paper on “The Nature of the Firm,” there has been an odd and unjustified separation between price theory and the economics of organization. For example, matters of production has been the domain of the former exclusively. However, a new approach to economic organization, here called “the capabilities approach,” that places production center-stage in the explanation of economic organization, is now emerging. We discuss the sources of this approach and its relation to the mainstream economics of organization. URI: http://hdl.handle.net/10398/8116 Files in this item: 1
8778730201.pdf (206.4Kb) -
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Abstract: The arguably dominant approaches to the study of interfirm relations are the capabilities and organizational economics perspectives. This paper discusses their merits and weaknesses, concentrating on the capabilities perspective, which is argued to rest on rather weak foundations, particularly as a theory of economic organization (including interfirm relations). However, it is suggested that both perspectives may be seen as part of an overarching bargaining approach to economic organization (yet to be developed). Both perspectives have identified impediments to efficient bargaining. URI: http://hdl.handle.net/10398/8088 Files in this item: 1
8778730775.pdf (99.93Kb) -
The Conflicting Legacies of Demsetz and PenroseJ. Foss, Nicolai (København, 1997)[More information][Less information]
Abstract: This paper argues that not only Edith Penrose, but also Harold Demsetz should be seen as a dominant source of inspiration for RBP scholars, that these two crucial influences hold different and even conflicting views of the economic process, and that they helped found different research areas and research approaches within the RBP. Based on this discussion, the paper argues that the conflicting legacies of Penrose and Demsetz threathen the coherence of the RBP, that a central problem in the RBP is the lack of understanding of the process of resource-creation which tends to give the perspective a retrospective character, but that work on technological innovation and change, framed in the broader theoretical context of Austrian and evolutionary economics, may help remedy this shortcoming. URI: http://hdl.handle.net/10398/8113 Files in this item: 1
x644863403.pdf (147.7Kb) -
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Abstract: This paper argues that Austrian economics allow us to identify a number of weak spots in the modern economics of organization. Thus, neither the dispersion of tacit and subjectively knowledge in organizations, nor the entrepreneurial discovery process are comprehensively treated in this body of thought. Thinking about these issues in the context of the firm leads to a different, but perhaps complementary perspective on economic organization. URI: http://hdl.handle.net/10398/8097 Files in this item: 1
8778730570.pdf (106.7Kb) -
Brian Loasby and the Theory of the FirmJ. Foss, Nicolai (København, 1997)[More information][Less information]
Abstract: The paper begins by providing a brief overview and discussion of the modern economics of organization, concentrating in particular on the work of incomplete contract theorists. I then turn to a discussion of Loasby’s view of the firm and incomplete contracts. The point here is that while Loasby begins from the same recognition as modern incomplete theorists, that contractual incompleteness is a necessary component of a theory of the firm, the causes and consequences of contractual incompleteness are widely different. Thus, Loasby sees incompleteness as a distinct virtue because it allows for organizational learning, whereas incompleteness in the modern economics of organization is seen as a distinct problem because it opens the door to incentive conflicts. I end by speculating on how Loasby’s non-mainstream ideas on economic organization may be related to some relatively mainstream ideas about alternative gameforms and real options. URI: http://hdl.handle.net/10398/8112 Files in this item: 1
x644598939.pdf (181.6Kb) -
Toward a Dynamic Property Rights PerspectiveFoss, Kirsten; J. Foss, Nicolai (København, 1998)[More information][Less information]
Abstract: We discuss the relations between alternative conceptualizations of the market process - neoclassical, Austrian and radical subjectivist/evolutionary - and alternative approaches to economic organization, for example, nexus of contract theory, Williamsonian transaction cost economics and the dynamic transaction cost approach of Langlois and Robertson. We argue that there is a distinct need for more firmly grounding theories of economic organization in theories of the market process, and that key ideas of the more dynamic conceptualizations of the market are likely to substantially enrichen the theory of economic organization. URI: http://hdl.handle.net/10398/8102 Files in this item: 1
8778730511.pdf (91.48Kb) -
An Assessment and Diagnosis of ProblemsJ. Foss, Nicolai (København, 1997)[More information][Less information]
Abstract: The resource-based approach to strategy, which reaches back to the contributions of Penrose, Selznick and Chandler, has gradually become the dominant perspective in strategy (content) research, arguably because it combines realism with relative rigour. The present paper presents the main themes of the contemporary version of the resource-based perspective (Wernerfelt, Rumelt, Barney....) and diagnoses a number of problems, such as the lack of a clear terminology, unclarity as to what really is the unit of analysis, the role of the environment, and the seemingly different versions that exist of the perspective. The perhaps deepest problem, however, is the lack of theorizing with respect to the creation of new resources, which tends to give the perspective a retrospective character and makes its application to managerial practice. It is suggested that resource-based scholars may draw upon work relating to real options, complementarities and organizational learning if they wish to remedy this deficiency. URI: http://hdl.handle.net/10398/8117 Files in this item: 1
8778730198.pdf (167.9Kb) -
Precursor of the Competence-Based Approach to the FirmJ. Foss, Nicolai (København, 1996)[More information][Less information]
Abstract: This paper makes the point that Thorstein Veblen should be considered one of the important precursors of the emerging competence-based approach to the firm. Thus, the emphasis in this literature on firms as path-dependent entities characterised by their heterogeneous knowledgebases, operating under conditions of genuine uncertainty, and existing because they provide moral and cognitive communities that foster the development of productive competencies, can all be traced to key themes in Veblen’s work. URI: http://hdl.handle.net/10398/8118 Files in this item: 1
8778730155.pdf (129.0Kb) -
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Abstract: Important aspects of leadership behavior can be rendered intelligible through a focus on coordination games. The concept of common knowledge is shown to be particularly important to understanding leadership. Thus, leaders may establish common knowledge conditions and assist the coordination of strategies in this way, or make decisions in situations where coordination problems persist in spite of common knowledge. URI: http://hdl.handle.net/10398/8090 Files in this item: 1
8778730724.pdf (105.1Kb)
Now showing items 1-10 of 10