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Real Flexibility in Buyer-Seller Relationships — An Austrian Economics Perspective

  • Ellen Roemer
Part of the Business-to-Business-Marketing book series (BTBM)

Abstract

The results of the previous chapter have been deduced under very strict assumptions, especially concerning the rationality of agents. In a real options world, economic agents are able to anticipate a complete set of future states of the world, to grasp the hold-up problem, to foresee a trade-off in (rational) flexibility, and to choose appropriate safeguards. Empirical evidence has shown, however, that agents are not necessarily as rational as depicted in most neoclassical models (Colinsk 1996, 670–672). Consequently, we have to suspect that different insights will result from an analysis of flexibility in buyer-seller relationships if we relax the assumption of rationality.

Keywords

Austrian Economic Methodological Individualism Subjective Point Entrepreneurial Discovery Austrian Approach 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Deutscher Universitäts-Verlag/GWV Fachverlage GmbH, Wiesbaden 2004

Authors and Affiliations

  • Ellen Roemer

There are no affiliations available

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