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Apr 16, 2024 · BUSINESS CLASS: While at Rochester, Michael Jensen and William Meckling coauthored “Theory of the firm: Managerial behavior, agency costs, and ownership structure,” a paper that would become one of the most cited in business academia. (University of Rochester photo / University Archives) Their solution?
1 day ago · Game theory is the study of mathematical models of strategic interactions among rational agents. It has applications in many fields of social science, used extensively in economics as well as in logic, systems science and computer science.
1 day ago · Ethics. Ethics is concerned with the moral status of entities: for example, whether an act is obligatory or prohibited. [1] Ethics or moral philosophy is the philosophical study of moral phenomena. It investigates normative questions about what people ought to do or which behavior is morally right.
Apr 21, 2024 · The Resource-Based View is a group of theories proposing that companies are able to establish competitive advantage through internal resources of the firm that are valuable, rare, not imitable, and organized for value capture. How Is the Resource Based View Used?
Apr 21, 2024 · A professor at the Graduate School of Business at the University of Chicago in the 1960s and a primary figure in Chicago School Economics and in the field of Law and Economics, Harold Demsetz has contributed original research on the theory of the firm, regulation in markets, industrial organization, antitrust policy, transaction costs ...
Apr 28, 2024 · The evolutionary theory of the firm is a concept in economics that describes how firms evolve over time in response to changes in their environment. Similar to biological evolution, this theory suggests that firms undergo a process of variation, selection, and retention, leading to the survival and growth of those that are best adapted to their ...
3 days ago · The resource-based view of the firm (RBVF), or, put more simply, the resource-based view (RBV) as this approach is now known, argues that the essence of competition – and thus the basis for the success of an organisation – centres on an organisation’s resources, not its goods and services.
