To add insight in new value creation, opportunity discovery should be integrated with strategic management theory. Based on the resource-based view and the economics of property rights we build a framework that accomplishes this. Our key argument is that property rights and transaction costs are...

In his seminal 1945 essay Hayek argued that the dispersed nature of much commercially relevant knowledge places strong constraints on the feasibility of centralized allocation and coordination mechanisms, but that there remains a problem of making efficient use of such knowledge (the first...

It is increasingly realized that knowledge is the most important resource and that learning is the most important process in the economy. Sometimes this is expressed by coining the current era as characterised by a ‘knowledge based economy’. But this concept might be misleading by indicating...

The aim of this article is to understand permanence and changes inside organizational routines. For this purpose, it seems important to explain how individual and collective memorisation occurs, so as to grasp how knowledge can be converted into routines. Although memorisation mechanisms imply a...

The concept of localized learning outlines how local conditions and spatial proximity between actors enable the formation of distinctive cognitive repertoires and influence the generation and selection of skills, processes and products within a field of knowledge or activity. The localized...