Organizing Economic Experiments: Property Rights and Firm Organization

Kirsten Foss and Nicolai Foss ()

The Review of Austrian Economics, 2002, vol. 15, issue 4, 297-312

Abstract: Many economists, notably 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. Copyright 2002 by Kluwer Academic Publishers

Date: 2002
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