Edit Article: Teece (1982) - Towards An Economic Theory Of The Multiproduct Firm

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==Reference(s)== *Teece, D. (1982), "Towards an economic theory of the multiproduct firm", Journal of Economic Behavior and organization, 3, pp.39-63. [http://www.edegan.com/pdfs/Teece%20(1982)%20-%20Towards%20an%20economic%20theory%20of%20the%20multiproduct%20firm.pdf pdf] ==Abstract== This paper outlines a theory of the multiproduct finrm. Important building blocks include excess capacity and its creation, market imperfections, and the peculiarities of organizational knowledge, including its fungible tacit character. A framework is adopted in which profit seeking firms are seen to diversify in order to avoid the high trdnsacdons costs associated with using markets to trade the services of various specialized assets. Neoclassical explanations of the multiproduct firm are shown to be seriously deficient.

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