Learning and Profitability in a Theory of the Firm
AbstractTeams 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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Bibliographic InfoPaper provided by University of Connecticut, Department of Economics in its series Working papers with number 2009-21.
Length: 22 pages
Date of creation: Jul 2009
Date of revision:
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asymmetric information; evolutionary theory of the firm; governance; holdup; insider information; path dependency; rent appropriation; tacit information; transaction costs.;
Find related papers by JEL classification:
- D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
- F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
- L80 - Industrial Organization - - Industry Studies: Services - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-08-02 (All new papers)
- NEP-CBE-2009-08-02 (Cognitive & Behavioural Economics)
- NEP-COM-2009-08-02 (Industrial Competition)
- NEP-KNM-2009-08-02 (Knowledge Management & Knowledge Economy)
- NEP-MIC-2009-08-02 (Microeconomics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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