Teams, Firms, and the Evolution of Profit Seeking Behavior

摘要: Even as advances in information theory over the last quarter century have cast increasing doubt on proposition that firms successfully maximize profits, objective of profit maximization continues to be an axiomatic feature neoclassical firm. This paper attempts improve our understanding by treating function open question. Specifically, ontogenetic thought experiment is undertaken address question what differentiates production teams from asking why team members would sell their control rights a principal, thereby transforming into What results account emergence seeking. Profit seeking emerges endogenously more fit alternative than value maximization, which less capable coping with uncertainty through purposive adaptation.