caa a22 4500 378878182 CHVBK 20180305123425.0 cr unu---uuuuu 161128e200308 xx s 000 0 ger 10.1111/1468-2516.00126 doi (NATIONALLICENCE)gruyter-10.1111/1468-2516.00126 Hax Herbert Universität zu Köln Thünen-Vorlesung: Unternehmensführung und ökonomische Rationalität [Elektronische Daten] [Herbert Hax] In a normative theory of decision making in the firm, limited cognitive capabilities of decision makers can be taken into account in different ways. If individual decision making alone is being considered, the concept of rationality must be defined in such a way that it is acceptable from the viewpoint of potential users of the theory. In an organizational context, normative theory deals primarily with the design of contracts; as far as the anticipation of the actual behaviour of contract partners is concerned an empirically valid descriptive decision theory is needed. A major problem which arises if one applies contract theory to problems of corporate governance is the definition of an adequate standard to evaluate the firm's outcome periodically. Accounting profit and market value are two possible measures, but both have grave shortcomings. © 2014 by Walter de Gruyter GmbH & Co. Perspektiven der Wirtschaftspolitik De Gruyter 4/3(2003-08), 295-312 1465-6493 4:3<295 2003 4 pwp https://doi.org/10.1111/1468-2516.00126 text/html Onlinezugriff via DOI 1 research article jats NATIONALLICENCE 856 40 https://doi.org/10.1111/1468-2516.00126 text/html Onlinezugriff via DOI NATIONALLICENCE 100 1- Hax Herbert Universität zu Köln NATIONALLICENCE 773 0- Perspektiven der Wirtschaftspolitik De Gruyter 4/3(2003-08), 295-312 1465-6493 4:3<295 2003 4 pwp CC0 http://creativecommons.org/publicdomain/zero/1.0 nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-gruyter