It is shown that asymmetry in R&D efficiency between firms is an important factor determining feasibility of the preemption and attrition scenarios in competitive R&D with time to build. Scenarios of attrition and preemption games are most likely to occur when competitors have similar R&D...

The two major methods of explaining economic institutions, namely by strategic choices or by (indirect) evolution, are compared for the case of a homogenous quadratic duopoly market. Sellers either can provide incentives for their agents to care for sales (amounts) or evolve as sellers who care...

We consider the question whether top tennis players in a top tournament (Wimbledon) employ an optimal (efficient) service strategy.We show that top players do not, in general, follow an optimal strategy, and we provide a lower bound of the inefficiency.The inefficiency regarding winning a point...

This paper presents elements of a cognitive theory of the firm, from the perspective of embodied cognition.It entails the notion of 'cognitive distance' between people that have developed their cognition in different environments. This yields the notion of the firm as a 'focusing device', to...

Using insights from 'embodied cognition' and a resulting 'cognitive theory of the firm', I aim to contribute to the further development of evolutionary theory of organizations, in the specification of organizations as 'interactors' that carry organizational competencies as 'replicators', within...

In designing a production model for firms that generate multiple outputs, we take as a starting point that such multi-output production refers to economies of scope, which in turn originate from joint input use and input externalities. We provide a nonparametric characterization of cost...

Abstract: We present evidence from a randomized field experiment in rural Mongolia on the comparative poverty impact of group versus individual microcredit. We find a positive impact of group loans but not of individual loans on entrepreneurship and food consumption. Moreover, group borrowers...

What determines the perceived productivity of young and older workers? In this study we present evidence for (Dutch) employers and employees. By confronting the perceptions of employers and employees some remarkable similarities and differences are revealed. It turns out that productivity...

Recent insights from the ‘embodied cognition’ perspective in cognitive science, supported by neural research, provide a basis for a ‘methodological interactionism’ that transcends both the methodological individualism of economics and the methodological collectivism of (some) sociology,...

This paper uses a cognitive theory of firms and organizations, with a focus on learning and innovation.Here, cognition is a wide notion, including value judgments and corresponding feelings and emotions.This paper focuses on the relation between that cognitive theory and Penrose's theory of the...