CONTRACTS, ENTREPRENEURS, MARKET CREATION AND JUDGEMENT: THE CONTEMPORARY MAINSTREAM THEORY OF THE FIRM IN PERSPECTIVE | Zendy

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CONTRACTS, ENTREPRENEURS, MARKET CREATION AND JUDGEMENT: THE CONTEMPORARY MAINSTREAM THEORY OF THE FIRM IN PERSPECTIVE

Author(s) -

Walker Paul

Publication year - 2015

Publication title -

journal of economic surveys

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 1.657

H-Index - 92

eISSN - 1467-6419

pISSN - 0950-0804

DOI - 10.1111/joes.12058

Subject(s) - judgement , mainstream , perspective (graphical) , economics , positive economics , contract theory , theory of the firm , point (geometry) , principal (computer security) , neoclassical economics , epistemology , political science , philosophy , geometry , mathematics , artificial intelligence , computer science , law , operating system

This survey gives an overview of the theory of the firm as it is formulated within the contemporary ‘mainstream’ of economics. Two groupings of theories are briefly discussed: principal–agent and incomplete contract models. Next, three of the most recent contributions regarding firms are considered. The reference point approach is looked at first followed by a discussion of Spulber's book The Theory of the Firm . Last, we consider the entrepreneurial judgement perspective.

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