Bosse, Phillips, Harrison (2009)

Question 1

The self-interested maximiser of economic theory ‘who grabs what he can for himself, is an inaccurate depiction of typical behaviour’ instead:

Answer 1

most people assess the fairness of others and reciprocate by
(1) rewarding those they deem fair, and
(2) incurring costs to punish those they deem unfair.

Question 2

From homo-oceconomius towards homo-erciprocans

Answer 2

people seek to maximize their utility while conforming to the norm of reciprocity

Question 3

Firms ultimately create value by distributing it to those stakeholders who behave fairly

Answer 3

the reciprocity of fairness is the engine of value creation

Question 4

Fairness

Answer 4

• Distributive, fair share, do I get paid sufficiently
• Procedural, fair process, equal processes
• Interactional, fair enough, equal interaction

Question 5

Rent, reciprocity and stakeholders:

Answer 5

• A firm generates rent when ‘all stakeholders receive sufficient compensation to hold them in place and some stakeholders get more than would require to hold them’
• > firms should distribute (surplus) value to a broad group of stakeholders to create value