Organizing Economic Experiments: An Exploratory Discussion of Austrian Economics, Property Rights, and the Firm

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    Abstract

    Many economists, notably Austrian economists, have argued that the market process is essentially an experimental process. We briefly try to clarify this conceptualization, and then argue that we may understand the firm in much the same light. A basic view of the firm as an experimental entity is derived, drawing on property rights insights.
    Original languageEnglish
    Place of PublicationFrederiksberg
    PublisherThe Link Program
    Number of pages24
    Publication statusPublished - 2001
    SeriesLINK Working Paper
    Number2001-10

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