We study relational contracting and renegotiation in environments with external enforcement of long-term contractual arrangements. An external, long-term contract governs the stage games the contracting parties will play in the future (depending on verifiable stage-game outcomes) until they...

The paper describes a model of organization in dynamic environment and improves performance of the organization. It is assumed that there is a creative part of the organization which determine innovative type of organization. The key players of creativity centric organization are creative...

The basis of competition in today’s marketplace is changing from one based on human labor, to one where the principle source of value creation is an organization’s knowledge, and the organization’s ability to rapidly acquire new knowledge through learning. The rise of the knowledge economy...

Several sales models for a consumer’s goods manufacturer firm are developed and tested. A data panel approach is used to model aggregate sales across three countries, using mainly price and trade investment. We show how useful can be different panel data models to forecast sales across...

India’s retailing sector is expected to remain in a transition spiral for the foreseeable future. Because of India’s unique context – in terms of history, regulation, institutions, demographics, geography, and traditions – there is limited applicability of the available theories of...

This contribution reviews definitions of entrepreneurial networks and entrepreneurial motives for networking. A distinction is drawn between entrepreneurial and family business networks. An outline of the variables that shape the composition of entrepreneurial networks looks into the boundaries...

The purpose of this paper is to contribute to recent efforts to ground evolutionary theory in economics in the principles of Universal Darwinism. The paper will contrast two views of evolution, based on the Ultra-Darwinian and Naturalist theory of biological evolution, both of which are...

This paper proposes that transaction costs and capabilities are fundamentally intertwined in the determination of vertical scope, and identifies the key mechanisms of their co-evolution. Specifically, we argue that capability differences are a necessary condition for vertical specialization; and...

The accepted theory of the firm abounds with fallacies, starting with one that has been known to be false since 1957 - the horizontal demand curve for the individual competitive firm. When these fallacies are corrected, nothing of substance remains. Equating marginal revenue & marginal cost does...

The literatures on bounded and ecological rationality are built on adaptationism—and its associated modular, cognitivist and computational paradigm—that does not address or explain the evolutionary origins of rationality. We argue that the adaptive mechanisms of evolution are not sufficient...