Creating, Capturing, and Protecting Value: a Property Rights-based View of Competitive Strategy
Опубликовано на портале: 05-02-2003
Copenhagen Business School Working Paper.
2002.
No. 02.
Тематический раздел:
This paper develops a property rights-based view of strategy (the PRV). A property
right (or economic right) is an individuals net valuation, in expected terms, of
the ability to directly consume the services of an asset (including, e.g., a monopoly
position) or consume it indirectly through exchange. Resources expended on exchanging,
protecting and capturing such rights are transaction costs, so that we directly link
property rights, transaction costs, and economic value. Authors assume that all relevant
exchange is costly and that all agents maximize their property rights. They argue
that economizing with transaction costs become a distinct source of value, and potentially
of sustained competitive advantage in such a setting. Strategizing revolves around
influencing impediments (i.e., transaction costs) to value creation. Expectations
and contracting also become crucial parts of processes of creating, protecting and
capturing value. They use these insights to derive a number of refutable propositions,
and argue that key insights from both industrial organization economics and the resource-based
view are consistent with the PRV.
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Ключевые слова
based view coase theorem cost industrial organization property resource-based view rights theorem transaction view
См. также:
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University of Zurich, Working Paper Series.
1999.
No. 27.
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