Towards an Economic Theory of the Multiproduct Firm

David Teece

Chapter 15 in Essays in Technology Management and Policy:Selected Papers of David J Teece, 2003, pp 419-446 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThis paper outlines a theory of the multiproduct firm. Important building blocks include excess capacity and its creation, market imperfections, and the peculiarities of organizational knowledge, including its fungible and tacit character. A framework is adopted in which profit seeking firms are seen to diversify in order to avoid the high transactions costs associated with using various markets to trade the services of various specialized assets. Neoclassical explanations of the multiproduct firm are shown to be seriously deficient.

Date: 2003
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Journal Article: Towards an economic theory of the multiproduct firm (1982)
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