Understanding Opportunity Discovery and Sustainable Advantage : The Role of Transaction Costs and Property Rights

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Understanding Opportunity Discovery and Sustainable Advantage : The Role of Transaction Costs and Property Rights

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Title: Understanding Opportunity Discovery and Sustainable Advantage : The Role of Transaction Costs and Property Rights
Author: Foss, Kirsten; Foss, Nicolai
Abstract: On November 24, 1874, United States Patent No. 157,124 was granted to Joseph Glidden of DeKalb, Ill., for improved barbed wire fencing. Glidden’s patent was the culmination of a series of nine patents for improvements to wire fencing that were granted by the U.S. Patent Offi ce to American inventors, beginning with Michael Kelly in November 1868 and ending with Glidden’s patent (McCallum and McCallum, 1965), which quickly became dominant. To be sure, wire fencing had been used for a very long time. However, property rights over livestock were less secure, as wire fencing would often break under the impact of heavy livestock pressing against the fencing. This would not happen with barbed wire, so the costs at which property rights to livestock could be protected fell dramatically (Dennen, 1976; Anderson and Hill, 2004).
URI: http://hdl.handle.net/10398/7448
Date: 2008-11-14

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