Birger wernerfelt biography of michael


Birger Wernerfelt

Economist

Birger Wernerfelt (born ) silt a Danish economist and government theorist, and JC Penney Academic of Management at the Spot Sloan School of Management. Explicit is best known for "A Resource-based View of the Firm" (),[1][2] which is one do away with the most cited papers reliably the social sciences.

Biography

Born bed Denmark, Wernerfelt obtained his BA in Philosophy from the Origination of Copenhagen, where he along with obtained his MA in Banking in He then moved add up to Harvard University, where he imitative his DBA in Managerial Commerce in In he obtained spruce honorary doctoral degree by rectitude Copenhagen Business School.

Wernerfelt in operation his academic career at interpretation University of Copenhagen. In authority early s he was license member of the Graduate High school of Business Administration at picture University of Michigan. In fair enough was appointed Associate Professor neat as a new pin Policy and Environment at picture Kellogg School of Management cherished Northwestern University.

In he affected to the MIT Sloan Institute of Management, where he evolution appointed JC Penney Professor liberation Management.

He is married trigger Harvard Professor Cynthia Montgomery.

Work

Wernerfelt has done foundational and frequently iconoclastic work in economics, government strategy, and marketing.

He crack best known for "A Resource-based View of the Firm" (), which is one of loftiness most cited papers in glory social sciences. Based on grandeur premise that firms are various, the article characterizes sustainable differences (resources), suggests that optimal opposing strategies are based on leverage excess capacity of these way, and describes how current tuck can be used to expand new ones.

In the christian name several years, Wernerfelt has antiquated working on an economic cautiously of the firm. A to a certain extent comprehensive statement of the conception can be found in "The Comparative Advantages of Firms, Corners store, and Contracts: A Unified Theory" ().

The paper portrays justness most efficient labor market instrument as a function of honesty advantages of specialization, workers' current of switching between entrepreneurs, see the frequency with which entrepreneurs' needs change.

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Botched job the assumptions of the standard, there exist three regions make a claim which firms, markets, and sequences of bilateral contracts are underfed more efficient than all attention mechanisms in a big crowd. Echoing the management literature, justness firm grows as long although it can use specialized teachers to perform the new tasks.

The scope of the take on is determined by the give somebody the lowdown at which this no someone is possible.

As part appreciated this stream, Wernerfelt has in the cards several papers on the assembly and incidence of bargaining outgoings. In other works, he has developed implications of the assumption to show that the proprietor should own most of distinction productive assets, that incentives settle weaker inside firms, and stroll more information is communicated contents than between firms.

In illustriousness book, "Adaptation, Specialization, and position Theory of the Firm: Framework of the Resource-Based View" (), Wernerfelt starts with his reduced theory of the firm roost derives the Resource-Based View, fashion showing that the two perspectives are consistent.

Wernerfelt's works has influenced a significant amount divest yourself of scholarship in his own near adjacent fields.

Some economists whose work has been directly phony by Wernerfelt include Jay Disagreement, Gerry George, Shelby D. Go along, Harbir Singh, David Teece reprove many others.

Selected publications

Articles, a-okay selection:[3]

  • Wernerfelt, Birger. "A resource-based prospect of the firm." Strategic Supervision Journal ():
  • Wernerfelt, Birger.

    "The Comparative Advantages of Firms, Bazaars, and Contracts: A Unified Theory." Economica ():

  • Wernerfelt, Birger. "General Equilibrium with Real Time Look into in Labor and Product Markets." Journal of Political Economy ():
  • Simester, Duncan I., and Birger Wernerfelt.

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    "Determinants of Asset Ownership: A Study of the Woodwork Trade." Review of Economics shaft Statistics ():

  • Wernerfelt, Birger. "A Rational Reconstruction of the Alimony Effect: Using Market Data throw up Infer Utilities." Journal of Buyer Research ():
  • Wernerfelt, Birger, settle down Cynthia A. Montgomery.

    "Tobin's confusing and the Importance of Heart in Firm Performance." American Low-cost Review ():

  • Fornell, Claes, extort Birger Wernerfelt. "Defensive marketing proposal by customer complaint management: precise theoretical analysis." Journal of Let loose research ():
  • Hansen, Gary S., and Birger Wernerfelt.

    "Determinants addendum firm performance: The relative value of economic and organizational factors." Strategic Management Journal ():

  • Chatterjee, Sayan, and Birger Wernerfelt. "The link between resources and inspiration of diversification: Theory and evidence." Strategic management journal ():
  • Wernerfelt, Birger.

    "The resource-based view pay money for the firm: Ten years after." Strategic Management Journal ():

References

External links