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1、StrategicManagementJournalStrat.Mgmt.J.,26:541553(2005)PublishedonlineinWileyInterScience(www.interscience.wiley.com).DOI:10.1002/smj.465RESOURCESANDTRANSACTIONCOSTS:HOWPROPERTYRIGHTSECONOMICSFURTHERSTHERESOURCE-BASEDVIEW12KIRSTENFOSS*andNICOLAIJ.FOSS1CopenhagenBusinessSchool,Freder
2、iksberg,Denmark2CopenhagenBusinessSchool,Copenhagen,Denmark;andNorwegianSchoolofEconomicsandBusinessAdministration,Bergen,NorwayPropertyrightseconomicsfurtherstheresource-basedviewofstrategicmanagementinanumberofways.First,resourcesareconceptualizedasbeingcomposedofmultipleattribute
3、sforwhichpropertyrightsmaybeheld.Second,aresourceownersabilitytocreate,appropriate,andsustainvaluefromresourcesdependsonthepropertyrightsthatheorsheholdsandonthetransactioncostsofexchanging,de?ning,andprotectingthem.Whiletransactioncostsareamajorsourceofvaluedissipation,reducingsuch
4、dissipationmaycreatevalue.ImplicationsfortheRBVanalysisofsustainedcompetitiveadvantagearederived.Copyright?2005JohnWiley&Sons,Ltd.INTRODUCTIONthecustomeranymore.ThepriceiscalculatedbasedontheoverallcharacteristicsofthestonesAccordingtoNobelPrizewinner,RonaldCoaseandnonegotiationover
5、thepriceisallowed.(1992:716):Doesthisstrategyre?ectrawmarketpoweronthepartofaplayerthatcontrols80percent[b]usinessmenindecidingontheirwaysofdoingoftheworldmarketforrawdiamonds?Propertybusinessandonwhattoproducehavetotakeintoaccounttransactioncosts...Infact,alargepartofrightseconomis
6、tshavearguedthatitdoesnotwhatwethinkofaseconomicactivityisdesigned(Barzel,1982;KenneyandKlein,1983).Rather,toaccomplishwhathightransactioncostswouldthisisapracticethatmaximizescreatedvalueinotherwiseprevent.?rmcustomerrelationsbyreducingthecostscus-tomersotherwisewouldhaveexpendedon
7、sortingForexample,considertheDeBeersdiamondandnegotiating,anditarguablyexistsforthisrea-cartelandthepracticetheyhaveadoptedfororga-son(itwouldbesuper?uousinazerotransactionnizingsales.AcustomerinformsDeBeersofhercostworld).DeBeerssortstheproduct,butonlyinwishesforaspeci?cnumberandqu
8、alityofstones.DeBee
