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Property Rights, Transaction Costs, and Entrepreneurship

In: Economic Microfoundations of Strategic Management

Author

Listed:
  • Kirsten Foss

    (Norwegian School of Economics)

  • Nicolai J. Foss

    (Copenhagen Business School)

Abstract

A key perspective in contemporary entrepreneurship theory is that entrepreneurship is about the discovery of new opportunities. Such discovery is fundamentally influenced by prevailing property rights and transaction costs. Transaction costs determine how well-defined and enforced property rights to resource attributes are, and this influences the value that entrepreneurial resource owners expect to appropriate, and therefore their incentives to engage in opportunity discovery. Transaction costs are also bound up with (resource) learning, as such learning entails transaction costs, for example, the costs of measuring the productivity potential of employees, which introduces path dependence in learning that in turn influences which opportunities will be discovered.

Suggested Citation

  • Kirsten Foss & Nicolai J. Foss, 2022. "Property Rights, Transaction Costs, and Entrepreneurship," Springer Books, in: Economic Microfoundations of Strategic Management, chapter 0, pages 215-250, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-12910-0_9
    DOI: 10.1007/978-3-031-12910-0_9
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