Publication
Title
Factor markets, actors, and affordances
Author
Abstract
In this article, we challenge the notion of the efficiency of factor markets and provide an alternative. We specifically identify both the environment- and actor-related origins of heterogeneity in markets. We first discuss how environments have an exaptive nature, where new uses and possibilities emerge continuously and are poised for the taking. We then highlight how actor perceptions result in heterogeneous outcomes, and how the identification of novel affordancesnew uses or functionsfor factors is a central origin of heterogeneity. We also discuss the existence of actor- and environment-related pressures toward homogeneity and seeming market efficiency. In conclusion, we highlight the implications of our arguments for the strategy and innovation debate, and for our understanding of the nature of markets and economic activity.
Language
English
Source (journal)
Industrial and corporate change. - Oxford
Publication
Oxford : 2016
ISSN
0960-6491
Volume/pages
25:1(2016), p. 133-147
ISI
000371151300006
Full text (Publishers DOI)
Full text (open access)
The author-created version that incorporates referee comments and is the accepted for publication version Available from 07.01.2018
Full text (publishers version - intranet only)
UAntwerpen
Faculty/Department
Research group
Publication type
Subject
Affiliation
Publications with a UAntwerp address
External links
Web of Science
Record
Identification
Creation 13.01.2016
Last edited 12.04.2017
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