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Learning and Profitability in a Theory of the Firm

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  • Paul Hallwood

    (University of Connecticut)

Abstract

Teams combine tacit and separable knowledge so complicating the pricing of knowledge and mitigating against knowledge transfer between firms. The efficient markets hypothesis suggests that entities possessing insider information should be ablest at accurately pricing any given complementary set of knowledge. Thus, even though some knowledge in a given complementary set is separable from a team, the easily transferable pieces are still most likely to be used within the originating firm. The boundaries of a firm may therefore expand even when knowledge is not tacit and transaction costs in markets for ideas are otherwise low.

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File URL: http://web2.uconn.edu/economics/working/2009-21.pdf
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Bibliographic Info

Paper provided by University of Connecticut, Department of Economics in its series Working papers with number 2009-21.

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Length: 22 pages
Date of creation: Jul 2009
Date of revision:
Handle: RePEc:uct:uconnp:2009-21

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Related research

Keywords: asymmetric information; evolutionary theory of the firm; governance; holdup; insider information; path dependency; rent appropriation; tacit information; transaction costs.;

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  1. Eliasson, Gunnar, 1990. "The firm as a competent team," Journal of Economic Behavior & Organization, Elsevier, vol. 13(3), pages 275-298, June.
  2. Arthurs, Jonathan D. & Busenitz, Lowell W., 2006. "Dynamic capabilities and venture performance: The effects of venture capitalists," Journal of Business Venturing, Elsevier, vol. 21(2), pages 195-215, March.
  3. Ghemawat, Pankaj & Ricart, Joan E., 1993. "Organizational tension between static and dynamic efficiency, The," IESE Research Papers D/255, IESE Business School.
  4. Jed DeVaro & Fidan Ana Kurtulus, 2005. "What Types of Organizations Benefit from Team Production, and How Do They Benefit?," Labor and Demography, EconWPA 0508003, EconWPA.
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