Property Rights, Transaction Costs, and Entrepreneurship

Kirsten Foss () and Nicolai J. Foss ()
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Kirsten Foss: Norwegian School of Economics
Nicolai J. Foss: Copenhagen Business School

Chapter Chapter 9 in Economic Microfoundations of Strategic Management, 2022, pp 215-250 from Springer

Abstract: Abstract A key perspective in contemporary entrepreneurship theory is that entrepreneurship is about the discovery of new opportunities. Such discovery is fundamentally influenced by prevailing property rights and transaction costs. Transaction costs determine how well-defined and enforced property rights to resource attributes are, and this influences the value that entrepreneurial resource owners expect to appropriate, and therefore their incentives to engage in opportunity discovery. Transaction costs are also bound up with (resource) learning, as such learning entails transaction costs, for example, the costs of measuring the productivity potential of employees, which introduces path dependence in learning that in turn influences which opportunities will be discovered.

Date: 2022
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DOI: 10.1007/978-3-031-12910-0_9

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