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The Economics of Business ValuationTowards a Value Functional Approach$
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The Economics of Business Valuation: Towards a Value Functional Approach

Patrick Anderson

Print publication date: 2013

Print ISBN-13: 9780804758307

Published to Stanford Scholarship Online: September 2013

DOI: 10.11126/stanford/9780804758307.001.0001

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The Nature of the Firm

The Nature of the Firm

Chapter:
(p.44) (p.45) 4 The Nature of the Firm
Source:
The Economics of Business Valuation
Author(s):

Patrick L. Anderson

Publisher:
Stanford University Press
DOI:10.11126/stanford/9780804758307.003.0004

This chapter presents three competing definitions of the firm, including a common definition of any organization that has a profit motive, a modern neoclassical definition of a transaction institution whose incentives differ from those of its owners, and a new three-part definition. The elements of the new definition of the firm include an organization with a profit motive for its investors, a separate identity, and replicable business practices.

Keywords:   neoclassical Economics, agency theory, transactions theory, replicable business practices, three-element definition of the firm

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