Richard Cyert

Behavioral Theory of the Firm (with March)

Richard Cyert (1921–1998) served as president of Carnegie Mellon University from 1972 to 1990. His co-authored work with James G. March, A Behavioural Theory of the Firm (1963), introduced concepts such as organisational slack, satisficing, and coalition-based decision-making. The book reframed firms as political coalitions of actors with conflicting goals rather than unified profit-maximisers.