Behavioral determinants of supply chain integration and coexistence |
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| Institution: | 1. Department of Forest Economics & Management, Faculty of Forestry, Technical University in Zvolen, Zvolen 96001, Slovakia;2. Institute of Forest, Environment and Natural Resource Policy, Vienna (BOKU) and European Forest Institute, Forest Policy Research Network, University of Natural Resources and Life Sciences, Feistmantelstraße 4, A-1180 Vienna, Austria;3. Faculty of Forestry, University of Belgrade, Kneza Vi?eslava 1, 11030 Belgrade, Serbia;4. Faculty of Forestry and Wood Sciences, Czech University of Life Sciences Prague, Prague 6, 16500 Suchdol, Czech Republic;5. National Forest Centre, Forest Research Institute Zvolen, TG Masaryka 22, Zvolen 96092, Slovakia |
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| Abstract: | Economic theory considers physical production characteristics and related property rights as key determinants of the organization of an industry. Yet, we frequently observe coexisting governance modes within industries and firms, even when the transaction attributes of a commodity are homogenous. We test whether risk and time preferences, price expectations, and trust in supply chain types can explain variations and coexistence in governance. Specifically, we experimentally elicit economic preferences of forest managers in the Swiss wood sector. We find that all behavioral dimensions are related to the choice of sales channel. Most importantly, trust and expectations are key determinants in transferring property rights, while risk aversion, patience, and ownership structure explain the existence of plural forms at the firm level. |
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| Keywords: | Industrial organization Time preferences Risk preferences Price expectations Institutional trust Plural forms |
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