A Behavioral Theory of the Firm
The behavioral theory of the firm first appeared in the 1963 book A Behavioral Theory of the Firm by Richard M. Cyert and James G. March. The work on the behavioral theory started in 1952 when March, a political scientist, joined Carnegie Mellon University, where Cyert was an economist.
Cover of the second edition | |
| Author | Richard Cyert and James March |
|---|---|
Publication date | 1963 |
| ISBN | 0-631-17451-6 |
Before this model was formed, the existing theory of the firm had two main assumptions: profit maximization and perfect knowledge. Cyert and March questioned these two critical assumptions.
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