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Collaboration or paradigm shift ? Caveat emptor and the risk of romance with economic models for strategy and policy research

Author: Koza, Mitchell P. ; Friedman, Ray ; Hirsch, Paul M.INSEAD Area: StrategyIn: Organization Science, vol. 1, no. 1, 1990 Language: EnglishDescription: p. 87-96.Type of document: INSEAD ArticleNote: Please ask us for this itemAbstract: While the "formulation" or "strategy" side of business policy has always drawn appropriately from economic theory, this paper cautions that, taken to its logical extreme, economic theory ignores the importance of implementation, implies lack of choice in organization decision-making and makes the organization a nonentity. In this paper, the fundamental differences between behavioural and economic approaches to businesss policy are outlined. These differences are highlighted by an illustration of their divergent perspectives on corporate "agency"
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INSEAD Article Europe Campus
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While the "formulation" or "strategy" side of business policy has always drawn appropriately from economic theory, this paper cautions that, taken to its logical extreme, economic theory ignores the importance of implementation, implies lack of choice in organization decision-making and makes the organization a nonentity. In this paper, the fundamental differences between behavioural and economic approaches to businesss policy are outlined. These differences are highlighted by an illustration of their divergent perspectives on corporate "agency"

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