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Organizing Economic Experiments The Role of Firms

Author

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  • Kirsten Foss
  • Nicolai J. Foss

Abstract

Many economists, including Austrian economists, have argued that the market process is essentially an experimental process. We briefly try to clarify this conceptualization, and then argue that we may understand the firm in much the same light. A basic view of the firm as an experimental entity is derived, drawing on property rights insights.

Suggested Citation

  • Kirsten Foss & Nicolai J. Foss, 1999. "Organizing Economic Experiments The Role of Firms," DRUID Working Papers 99-5, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
  • Handle: RePEc:aal:abbswp:99-5
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    File URL: http://www3.druid.dk/wp/19990005.pdf
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    References listed on IDEAS

    as
    1. Esben Sloth Andersen, 1998. "The Dynamics of the Organisation of Industry," DRUID Working Papers 98-13, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
    2. Nicolai J. Foss & Volker Mahnke, 1998. "Strategy Research and the Market Process Perspective," DRUID Working Papers 98-29, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
    3. Esben Sloth Andersen, 1996. "The Evolution of an Industrial Sector with a Varying Degree of Roundaboutness of Production," DRUID Working Papers 96-13, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
    4. Dieter Ernst & Bengt-åke Lundvall, 2004. "Information Technology in the Learning Economy: Challenges for Developing Countries," Chapters,in: Globalization, Economic Development and Inequality, chapter 9 Edward Elgar Publishing.
    5. Dieter Ernst, 1998. "High-Tech competition puzzles - How globalization affects firm behavior and market structure in the electronics industry," Revue d'Économie Industrielle, Programme National Persée, vol. 85(1), pages 9-30.
    6. Marco Valente, 1998. "Technological Competition a Qualitative Product Life Cycle," DRUID Working Papers 98-6, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
    7. Foss, Nicolai J., 1998. "The resource-based perspective: An assessment and diagnosis of problems," Scandinavian Journal of Management, Elsevier, vol. 14(3), pages 133-149, March.
    8. Jesper Lindgaard Christensen & Ina Drejer, 1998. "Finance and Innovation System or Chaos," DRUID Working Papers 98-24, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
    9. Keld Laursen & Ina Drejer, 1999. "Do Inter-Sectoral Linkages Matter for International Export Specialisation?," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 8(4), pages 311-330.
    10. Nicolai J. Foss & Jens Frøslev Christensen, 1996. "A Process Approach to Corporate Coherence," DRUID Working Papers 96-7, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
    11. Nicolai J. Foss, 1996. "Capabilities and the Theory of the Firm," Revue d'Économie Industrielle, Programme National Persée, vol. 77(1), pages 7-28.
    12. Kirsten Foss & Nicolai J. Foss, 1999. "Understanding Ownership Residual Rights of Control and Appropriable Control Rights," DRUID Working Papers 99-4, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
    13. Nicolai J. Foss, 1999. "Understanding Leadership A Coordination Theory," DRUID Working Papers 99-3, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
    14. Langlois, Richard N & Foss, Nicolai J, 1999. "Capabilities and Governance: The Rebirth of Production in the Theory of Economic Organization," Kyklos, Wiley Blackwell, vol. 52(2), pages 201-218.
    15. Nicolai J. Foss, 1996. "Firms, Incomplete Contracts and Organizational Learning," DRUID Working Papers 96-2, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
    16. Marco Valente, 1998. "Laboratory for Simulation Development," DRUID Working Papers 98-5, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
    17. Ina Drejer & Frank Skov Kristensen & Keld Laursen, 1997. "Studies of Clusters as a Basis for Industrial and Technology Policy in the Danish Economy," DRUID Working Papers 97-14, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
    18. Kirsten Foss & Nicolai J. Foss, 1998. "The Market Process and The Firm Toward a Dynamic Property Rights Perspective," DRUID Working Papers 98-14, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
    19. S. Baranzoni & P. Bianchi & L. Lambertini, 2000. "Multiproduct Firms, Product Differentiation, and Market Structure," Working Papers 368, Dipartimento Scienze Economiche, Universita' di Bologna.
    20. Nicolai J. Foss, 1996. "Thorstein B. Veblen Precursor of the Competence-Based Approach to the Firm," DRUID Working Papers 96-15, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
    21. Nicolai J. Foss, 1998. "Firms and the Coordination of KnowledgeSome Austrian Insights," DRUID Working Papers 98-19, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
    22. Alice Lam, 1998. "Tacit Knowledge, Organisational Learning and Innovation A Societal Perspective," DRUID Working Papers 98-22, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
    23. Dieter Ernst, 1998. "Catching-Up, Crisis and Industrial Upgrading. Evolutionary Aspects of Technological Learning in Korea's Electronics Industry," DRUID Working Papers 98-16, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
    24. Esben Sloth Andersen & Anne K. Jensen & Lars Madsen & Martin Jørgensen, 1996. "The Nelson and Winter Models RevisitedPrototypes for Computer-Based Reconstruction of Schumpeterian Competition," DRUID Working Papers 96-5, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
    25. Nicolai J. Foss, 1997. "Incomplete Contracts and Economic Organization Brian Loasby and the Theory of the Firm," DRUID Working Papers 97-11, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
    26. Bent Dalum & Keld Laursen & Gert Villumsen, 1996. "The Long Term Development of OECD Export Specialisation Patterns: De-specialisation and "Stickiness"," DRUID Working Papers 96-14, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
    27. Nicolai J. Foss, 1998. "Austrian Economics and Game Theory a Preliminary Methodological Stocktaking," DRUID Working Papers 98-28, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
    28. Peter Maskell, 1996. "Localised Low-tech Learning in the Furniture Industry," DRUID Working Papers 96-11, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    The theory of the firm; Austrian economics; property rights;

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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