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Adaptation, Specialization, and the Theory of the Firm "Foundations of the Resource-Based View"

Adaptation, Specialization, and the Theory of the Firm "Foundations of the Resource-Based View"

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  • ISBN:9781107595781
  • Editorial: Cambridge University Press
  • Fecha de la edición:
  • Encuadernación:
  • Nº Pág.:312
  • Idiomas:Ingles

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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.

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.

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