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On the Behavioral Theory of the Firm

In: The Corporate Economy

Author

Listed:
  • William J. Baumol
  • Maco Stewart

Abstract

The behavioral theorists have argued that in a world of uncertainty maximization models can offer very little help in explaining the behavior of firms and individuals since, when events are uncertain, apparently concrete maximands, such as the present value of the dis-discounted stream of profits, are no longer even well defined. In these circumstances the behaviorists have suggested that one must learn the firm’s decision patterns from direct observation rather than a priori considerations.

Suggested Citation

  • William J. Baumol & Maco Stewart, 1971. "On the Behavioral Theory of the Firm," Palgrave Macmillan Books, in: Robin Marris & Adrian Wood (ed.), The Corporate Economy, chapter 5, pages 118-143, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-01110-0_5
    DOI: 10.1007/978-1-349-01110-0_5
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    Citations

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    Cited by:

    1. Guy V. G. Stevens, 1973. "The multinational firm and the determinants of investment," International Finance Discussion Papers 29, Board of Governors of the Federal Reserve System (U.S.).
    2. Gunnar Eliasson & Magnus Henrekson, 2004. "William J. Baumol: An Entrepreneurial Economist on the Economics of Entrepreneurship," Small Business Economics, Springer, vol. 23(1), pages 1-7, August.
    3. Alexandre Chirat, 2021. "The correspondence between Baumol and Galbraith (1957–1958) An unsuspected source of managerial theories of the firm," EconomiX Working Papers 2021-35, University of Paris Nanterre, EconomiX.
    4. Magnus Henrekson & Mikael Stenkula, 2022. "William J. Baumol: Innovative Contributor to Entrepreneurship Economics," Research in the History of Economic Thought and Methodology, in: Research in the History of Economic Thought and Methodology: Including a Symposium on the Work of William J. Baumol: Heterodox Inspirations and Neocla, volume 40, pages 107-131, Emerald Group Publishing Limited.
    5. G. Choate & Fred Thompson, 1988. "Budget makers as agents: A preliminar investigation of discretionary behavior under state-contingent rewards," Public Choice, Springer, vol. 58(1), pages 3-20, July.

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