Market Frictions, Governance and Economic Rents: Taking Stock and Looking Ahead
AbstractThis paper develops a more unified organizational economics theory within Strategy. We begin with perfectly competitive markets derived from the first fundamental welfare theorem of economics, and develop a parsimonious typology of market frictions. We show how two primary questions in Strategy--why firms exist and why some firms outperform others--can be evaluated from this market frictions logic. Building on this logic enables more systematic explanations and predictions concerning governance structures and economic rents in Strategy research.
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Bibliographic InfoPaper provided by University of Illinois at Urbana-Champaign, College of Business in its series Working Papers with number 09-0104.
Date of creation: 2009
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Web page: http://www.business.uiuc.edu/Working_Papers/Main.asp
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-11-14 (All new papers)
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