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Rangan S., Samii R., Van Wassenhove L. (2006). Constructive Partnerships: When Alliances Between Private Firms and Public Actors Can Enable Creative Strategies Academy of Management Review, 31(3), pp. 738-751.
Drawing on transaction cost economics and theory on externalities, the authors argue that when the realization of economic opportunity: (i) calls for industry-specific competencies, but entails significant positive externalities (i.e., implies specialized private actions with significant public benefits); (ii) is shrouded by high uncertainty to the private actors; and (iii) necessitates to private actors high governance costs for contracting, coordinating, and enforcing, then private-public alliances will be necessary for realizing the economic potential.Thus, specialized resources, positive externalities, uncertainty, and governance costs are all jointly implicated in the authors' theory.