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Collaboration or Paradigm Shift?: Caveat Emptor and the Risk of Romance with Economic Models for Strategy and Policy Research

Author

Listed:
  • Paul M. Hirsch

    (Kellogg Graduate School of Management, Northwestern University, Evanston, Illinois 60201)

  • Ray Friedman

    (Graduate School of Business, Harvard University, Boston, Massachusetts 02163)

  • Mitchell P. Koza

    (INSEAD, Fontainebleau, France)

Abstract

While the “formulation” or “strategy” side of business policy has always drawn appropriately from economic theory, we caution that, taken to its logical extreme, economic theory ignores the importance of implementation, implies lack of choice in organization decision-making, and makes the organization a nonentity. In this paper, we outline the fundamental differences between behavioral and economic approaches to business policy. These differences are highlighted by an illustration of their divergent perspectives on corporate “agency”.

Suggested Citation

  • Paul M. Hirsch & Ray Friedman & Mitchell P. Koza, 1990. "Collaboration or Paradigm Shift?: Caveat Emptor and the Risk of Romance with Economic Models for Strategy and Policy Research," Organization Science, INFORMS, vol. 1(1), pages 87-97, February.
    • Handle: RePEc:inm:ororsc:v:1:y:1990:i:1:p:87-97
    DOI: 10.1287/orsc.1.1.87
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    Cited by:

    1. Frohwein, Torsten, 2014. "Grundlagen der Theorie der Firma: Methodologie wissenschaftlicher Theorien," Research Papers on Innovation, Services and Technology 1/2014, University of Stuttgart, Institute of Business Administration, Department I - Institute of Research & Development and Innovation Management.
    2. Feng, Cong & Patel, Pankaj C. & Sivakumar, K., 2020. "Chief global officers, geographical sales dispersion, and firm performance," Journal of Business Research, Elsevier, vol. 121(C), pages 58-72.
    3. Sridhar Nerur & Abdul A. Rasheed & Alankrita Pandey, 2016. "Citation footprints on the sands of time: An analysis of idea migrations in strategic management," Strategic Management Journal, Wiley Blackwell, vol. 37(6), pages 1065-1084, June.
    4. Alain Desreumaux, 2008. "Refaire de la stratégie?," Revue Finance Contrôle Stratégie, revues.org, vol. 11(Special), pages 67-107, June.

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