Organizing Economic Experiments The Role of Firms

Kirsten Foss and Nicolai Foss ()

No 99-5, DRUID Working Papers from DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies

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.

Keywords: The theory of the firm; Austrian economics; property rights (search for similar items in EconPapers)
JEL-codes: D21 D23 D83 (search for similar items in EconPapers)
Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:aal:abbswp:99-5

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