Richard Michael Cyert (July 22, 1921 – October 7, 1998) was an American economist, statistician and organizational theorist, who served as the sixth President of Carnegie Mellon University in Pittsburgh, Pennsylvania, United States. He is known for his seminal 1959 work "A Behavioral Theory of the Firm", co-authored with James G. March.
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Richard Cyert in the context of James G. March
James Gardner March (January 15, 1928 – September 27, 2018) was an American political scientist, sociologist, and economist. A professor at Stanford University in the Stanford Graduate School of Business and Stanford Graduate School of Education, he is best known for his research on organizations, his (jointly with Richard Cyert) seminal work on A Behavioral Theory of the Firm, and the organizational decision making model known as the Garbage Can Model.
Richard Cyert in the context of A Behavioral Theory of the Firm
The behavioral theory of the firm first appeared in the 1963 book A Behavioral Theory of the Firm by Richard M. Cyert and James G. March. The work on the behavioral theory started in 1952 when March, a political scientist, joined Carnegie Mellon University, where Cyert was an economist.
Before this model was formed, the existing theory of the firm had two main assumptions: profit maximization and perfect knowledge. Cyert and March questioned these two critical assumptions.