Sustaining Networks

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Abstract
As we accept the importance of the laws of competition in formulating strategy, we are realizing that cooperation among firms is at the root of many management success stories. Networking arrangements entail cooperation, and both business policy and microeconomics are much better prepared to deal with competition. Cooperation is indeed possible for profit-maximizing business enterprises. It may be an efficient arrangement and can be sustained over the long run. Some basic models from game and agency theory shed light on real-life cooperative arrangements. A long-term outlook and the ability to elicit trust are seen as key ingredients of a successful network.

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