Walter Oi, 1929-2013

28 December 2013 at 6:40 am 1 comment

| Nicolai Foss |

Walter Oi died December 24. Oi was famous for two things, namely for being a highly active academic in spite of being totally blind (after 1956), and for estimating the social costs of the draft (here). However, he contributed to many areas of applied price theory in a highly original fashion. Of possibly particular interest to strategic management scholars is his 1983 paper on how  heterogeneous “entrepreneurial ability” and differential monitoring constrains the size, product offerings and organization of firms in equilibrium.  Here is Steve Landsburg’s long, detailed and moving obituary for Oi.

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Nicolai J. Foss and Peter G. Klein, Organizing Entrepreneurial Judgment: A New Approach to the Firm (Cambridge University Press, 2012).
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Peter G. Klein, The Capitalist and the Entrepreneur: Essays on Organizations and Markets (Mises Institute, 2010).
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