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International Food and Agribusiness Management Review Vol. 2/No. 2/1999

In addition, these six managers, as well as most business managers
(Mitntzberg, 1971; Kotter, 1999), indicated they devoted a majority of their
business day to working with people, primarily on logistical issues. These
owner/operators invested significant time “designing and maintaining” the inter-
nal and external economic relationships of their businesses. Trustworthiness in
these relationships creates operational efficiency benefits by freeing up valuable
managerial time resources that can be reallocated to economically productive
activities.

Likewise, these experiments revealed that agribusiness managers operate under
extreme time pressures, and economic decisions are made within this binding
temporal constraint. Bounded rationality accurately characterizes their day-to-day
decision making. Marginal decisions on the allocation of physical assets appear to
be made quickly and accurately given the time available for the decision.

Finally, these empirical results lend support to the claim that identity-relevant
economics should occupy a greater amount of space in agribusiness journals and
discussion time in classrooms. Institutional design, contracts, agency, interaction
costs, collective action, social capital, and game theory capture a greater part of
the intellectual core for understanding many important economic transactions.

Acknowledgments: We appreciate the helpful comments by Wayne Howard, Gary Thompson,
and two reviewers on an earlier version of this paper.

References

Arrow, K. J. 1974. The Limits of Organization. New York: W.W. Norton & Company.

Barney, J. B. 1986. “Organizational Culture: Can It Be a Source of Sustained Competitive
Advantage?”
AcademyofManagementReview, 11 (3), 656-665.

Barney, J. B., and M. H. Hansen. 1994. “Trustworthiness as a Source of Competitive Advantage.”
Strategic Management Journal, 15, 175-190.

Boehlje, M. D., and D. A. Lins. 1998. “Risks and Risk Management in an Industrialized
Agriculture.”
Agricultural Finance Review, 58, 1-16.

Burchell, B., and F. Wilkinson. 1997. “Trust, Business Relationships and the Contractual
Environment.”
Cambridge Journal of Economics, 21 (2), 217-237.

Dasgupta, P. 1988. “Trust as a Commodity.” In D. Gambetta, ed., Trust: Making and Breaking
Cooperative Relations
(pp. 49 -72). New York: Basil Blackwell, Inc.

Fukuyama, F. 1995. Trust: The Social Virtues & the Creation of Prosperity. New York: The Free
Press.

Gardner, B. D. 1995. “Discussion on Social Capital.” Journal of Agriculture and Applied
Economics
, 27 (1), 81- 85.

Greenspan, A. 1999. “Maintaining Economic Vitality.” Remarks given at the Millennium Lecture
Series sponsored by the Gerald R. Ford Foundation and Grand Valley State University, Grand
Rapids, Michigan, September 8.

Handy, C. 1995. “Trust and the Virtual Organization.” Harvard Business Review, 73 (May-June),
40 -50.



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