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Knight's 'Moral Hazard' Theory of Organization

Author

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  • Barzel, Yoram

Abstract

In this paper the author suggests that besides Frank Knight's well recognized "uncertainty" explanation of the firm, he had another one. "Moral hazard" is the central feature in the second, largely overlooked theory. The author argues, and attempts to document, that this theory is not a chance excursion but is rather quite well developed by Knight. Copyright 1987 by Oxford University Press.

Suggested Citation

  • Barzel, Yoram, 1987. "Knight's 'Moral Hazard' Theory of Organization," Economic Inquiry, Western Economic Association International, vol. 25(1), pages 117-120, January.
    • Handle: RePEc:oup:ecinqu:v:25:y:1987:i:1:p:117-20
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    Cited by:

    1. Marek Loužek, 2019. "Zakladatel chicagské školy Frank Hyneman Knight [Frank Hyneman Knight, the Founder of the Chicago School]," Politická ekonomie, Prague University of Economics and Business, vol. 2019(2), pages 198-214.
    2. Elaine Mosakowski, 1998. "Entrepreneurial Resources, Organizational Choices, and Competitive Outcomes," Organization Science, INFORMS, vol. 9(6), pages 625-643, December.
    3. Yu Tony Fu-Lai, 2002. "The Knightian Firm: Uncertainty, Entrepreneurial Judgement and Coordination," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 12(4), pages 1-17, December.

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