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,
Cover of the second edition
Oliver E. Williamson
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Oliver Eaton Williamson was an American economist, a professor at the University of California, Berkeley, and recipient of the 2009 Nobel Memorial Prize in Economic Sciences, which he shared with Elin
A Behavioral Theory of the Firm
…approach also challenged the omission of the element of uncertainty from the conventional theory. The behavioral model, like the managerial models of Oliver E. Williamson and Robin Marris, considers a large corporate business firm in which the ownership is separate from the management. These researchers offered four major…
Williamson in 2009
Williamson's pipe holder on display at the Nobel Prize Museum
Oliver E. Williamson and Elinor Ostrom at the 2009 Nobel Prize Press Conference.