The Austrian perspective and the bargaining view
6 important questions on The Austrian perspective and the bargaining view
Consider the Austrian view on strategy (Jacobson, 1992):
a. How does the Austrian view on strategt explain differences in performance among firms?
b. What does the Austrian view on strategy add to Porter's view of strategy and the RBV?
Consider the bargaining view on strategy as developed by Lippman & Rumelt (2003) and Coff (1999):
a. How does this view explain performance differences among firms?
b. How does this view change the explanation of performance differences among firms developed in the early RBV (as exemplified by Barney, 1986, 1991; Peteraf, 1993)?
Consider the value-added view of strategy as developed by Brandenburger & Stuart (1996), on the one hand, and the bargaining view of strategy as developed by Lippman & Rumelt (2003), on the other hand:
a. How do these two views relate to each other (what are the similarities and differences)?
b. What would you consider as the relative strenghts and weaknesses of these two views on strategy?
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Three of the five important limitations of the Neoclassical Model for this college:
Firm is treated as a black box
Static Equilibrium logic (preferences and technological possibilities are treated as given)
Firm is treated as a unitary agent.
How is value created?
Value is created in:
- exchange (--> everybody is a supplier)
- production (--> complementaries of scale effects. Who is part of the volume created?)
- innovation
What are the characters of The Austrian School?
- Market Process
- Disequilibrium
- Entrepreneurial discovery
- Profit --> totally other thing that the rents we talked about so far.
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