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| Author: | Bromiley, P. Papenhausen, C. |
| Title: | Assumptions of rationality and equilibrium in strategy research: the limits of traditional economic analysis |
| Journal: | Strategic organization
2003 : NOV, VOL. 1:4, p. 413-437 |
| Index terms: | Behavioural science Equilibrium analysis Management research Rationality Strategic management |
| Language: | eng |
| Abstract: | It is argued that two core assumptions of economic analysis - managers and employees make optimal decisions and markets operate in equilibrium - have undesirable implications in strategic management research. Two exemplars of the rigorous application of these assumptions in strategic management research are used to show how these assumptions lead to dubious implications. The assumptions are derived from: 1) Barney's (1986) "Types of competition and the theory of strategy: toward an integrative framework" and 2) Mosakowski's (1998) "Managerial prescriptions under the resource-based view of strategy: the example of motivational techniques". |
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