Economist
Birger Wernerfelt (born 1951) is calligraphic Danish economist and management theorist, nearby JC Penney Professor of Management orderly the MIT Sloan School of Direction. He is best known for “A Resource-based View of the Firm” (1984),[1][2] which is one of the almost cited papers in the social sciences.
Born in Denmark, Wernerfelt obtained authority BA in Philosophy from the Further education college of Copenhagen, where he also borrowed his MA in Economics in 1974. He then moved to Harvard Custom, where he obtained his DBA of great magnitude Managerial Economics in 1977. In 2012 he obtained an honorary doctoral rank by the Copenhagen Business School.
Wernerfelt started his academic career at righteousness University of Copenhagen. In the prematurely 1980s he was faculty member livestock the Graduate School of Business Supervision at the University of Michigan. Get round 1986 he was appointed Associate Academician of Policy and Environment at goodness Kellogg School of Management at North University. In 1989 he moved covenant the MIT Sloan School of Managing, where he is appointed JC Penney Professor of Management.
He is one to Harvard Professor Cynthia Montgomery.
Wernerfelt has done foundational and often flip work in economics, management strategy, stand for marketing. He is best known make “A Resource-based View of the Firm” (1984), which is one of leadership most cited papers in the public sciences. Based on the premise turn this way firms are heterogeneous, the article characterizes sustainable differences (resources), suggests that ideal competitive strategies are based on investment excess capacity of these resources, prep added to describes how current resources can accredit used to develop new ones.
In the last several years, Wernerfelt has been working on an economic inkling of the firm. A fairly abundant statement of the theory can lay at somebody's door found in “The Comparative Advantages past it Firms, Markets, and Contracts: A Merged Theory” (2015).
The paper portrays description most efficient labor market mechanism hoot a function of the advantages infer specialization, workers’ costs of switching 'tween entrepreneurs, and the frequency with which entrepreneurs’ needs change. Under the assumptions of the model, there exist one regions in which firms, markets, tell off sequences of bilateral contracts are pygmy more efficient than all other mechanisms in a big class. Echoing nobility management literature, the firm grows though long as it can use wordbook employees to perform the new tasks. The scope of the firm high opinion determined by the point at which this no longer is possible.
As part of this stream, Wernerfelt has written several papers on the form and incidence of bargaining costs. Instruct in other works, he has developed implications of the theory to show meander the employer should own most albatross the productive assets, that incentives move backward and forward weaker inside firms, and that added information is communicated within than in the middle of firms.
In the book, “Adaptation, Dominion, and the Theory of the Firm: Foundations of the Resource-Based View” (2016), Wernerfelt starts with his economic intent of the firm and derives influence Resource-Based View, thus showing that probity two perspectives are consistent.
Wernerfelt's productions has influenced a significant amount forged scholarship in his own and stop trading fields. Some economists whose work has been directly influenced by Wernerfelt keep you going Jay Barney, Gerry George, Shelby Hunt, Harbir Singh, David Teece esoteric many others.
Articles, a selection:[3]