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Adaptation, specialization, and the theory of the firm : foundations of the resource-based view

Author: Birger Wernerfelt
Publisher: Cambridge, United Kingdom : Cambridge University Press, [2016]
Edition/Format:   Print book : EnglishView all editions and formats
Summary:
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  Read more...
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Document Type: Book
All Authors / Contributors: Birger Wernerfelt
ISBN: 9781107134409 1107134404 9781107595781 1107595789
OCLC Number: 951190392
Description: xv 312 pages : illustrations ; 23 cm
Contents: 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.
Responsibility: Birger Wernerfelt, MIT Sloan School of Management.

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An up-to-date analysis of the theory of the firm, including the latest research on the resource-based view.  Read more...

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'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 Read more...

 
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