“whether you can observe a thing or not depends on the theory which you use” (Parte IV)

Parte I, parte II e parte III.

"The theory-based view has equally important implications for understanding the markets that surround organizations. While economics has traditionally focused on asymmetric information, idiosyncratic history, and bounded rationality to explain the heterogeneous outcomes that play out in markets, we anchor on divergent theories held by economic actors. ... “into the sentiments and minds of the actors” ... “a theory of people with theories”. Our assumption of an economy with a multitude of economic actors who possess potentially divergent theories of value has important implications for how we understand the economics and very nature of markets—both the markets through which theories are pursued and the markets through which theories are funded.
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there is nothing inherent to assets or objects that allows us to conclusively delineate all possible uses, though efficient markets hypotheses make precisely this assumption. Furthermore, any number of assets and objects in the world are scarcely even priced, thus simply waiting for the right theory to provide them with use, relevance, and meaning. From the perspective of the theory-based view, the idea of any form of efficiency or full rationality in the use of resources or assets in an economy is a fiction, perhaps only applicable for some cases of pure competition.
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The domain of strategy fundamentally is concerned with novel, unanticipated, and hidden sources of value, which we argue are unlocked through firm-specific theories. Naturally there might be hindrances in the emergence of novelty and heterogeneity. Humans naturally fixate on those functions and uses of objects that are common, which indeed creates discrepancies and opportunities in markets, which in turn readily allow savvy entrepreneurs with novel theories to find bargains and new uses.
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the theory-based view highlights that economic actors in markets compete for resources on the basis of the theories they possess. This competition is driven by different visions of the future, and has an important social component.
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in our interactions with entrepreneurs, executives, and firms we ask the following questions:

• What do you believe that no one else believes? Why?

• What specifically is your firm’s theory of value? How is that different from others? If your theory is so unique, then what specific assets would you say are underpriced (or even unpriced)?

• Is your theory of value novel, simple, and elegant? Is it falsifiable? Does it rule out some experiments and point toward others? Is it generalizable and generative?

• What problem is no one solving? Or put differently, what problems do you (or others) need to solve to realize your vision of the future? How will you solve these problems?

• Who do you need to convince (or incentivize) for your theory to be realized?

• What funding and governance mechanisms will best enable you to realize your theory?"

Trechos retirados de "The Theory-Based View: Economic Actors as Theorists" de Teppo Felin e Todd R. Zenger, publicado por Strategy Science Vol. 2, No. 4, Dezembro 2017, pp. 258–271.