SUMMARY This article sheds light on a surprisingly persistent gap in economic theory: Economists have extensively studied agency relationships between principals and agents, but economic analysis has traditionally been preoccupied with problems created by agents rather than principals. Principal‐agent theory traditionally neglects opportunism on part of the principals. As a result, economic theory fails to fully explain gaps in economic performance. Even worse, the for decades biased concept of opportunism has shaped generations of students in economics and business and thus has contributed to deficient managerial and economic outcomes. Under the presumption that not only agents but also principals demonstrate opportunistic behavior, the economic definition of opportunism as established by Oliver Williamson is further developed. This contribution extends the concept of opportunism to principals. The principal’s illegitimate interference with the autonomy of the agent is discussed which shows that whilst agent opportunism largely rests on information asymmetry, principal opportunism feeds itself off power asymmetries. In an interdisciplinary effort and building on recent research in the area of bullying and mobbing, the economic rationale of principal opportunism is explained with the help of a simple game‐theoretic model. On this basis, it is demonstrated how a more balanced perception of principal agent relationships can contribute to an updated theory of the firm.

This article outlines relevant economic patterns in a world with artificial intelligence (AI). Five specific economic patterns influenced by AI are discussed: (1) following in the footsteps of 'homo economicus' a new type of agent, 'machina economica', enters the stage of the global economy. (2) The pattern of division of labor and specialization is further accelerated by AI-induced micro-division of labor. (3) The introduction of AI leads to triangular agency relationships and next level information asymmetries. (4) Data and AI-based machine labor have to be understood as new factors of production. (5) The economics of AI networks can lead to market dominance and unwanted external effects. The analytical perspective is rooted in institutional economics and serves to integrate findings from relevant disciplines in economics and computer science. It is based on the research proposition that 'institutional matters' are of high relevance also in a world with AI but that AI gives a new meaning to these matters. The discussion unveils a reinforcing interdependence of the patterns portrayed and points to required research.

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The paper presents a methodology for the integrated sustainability assessment of a product-service system lifecycle, with the purpose to support continuous improvement on the side both of the manufacturer and of the user. Its eight steps are an extension of ISO 14040 life cycle assessment and consider all three sustainability dimensions - economic, environmental and social - And a service perspective, using the service unit. A set of indicators for the three dimensions, aligned to the service unit concept, is proposed based on literature suggestions

Purpose Artificial Intelligence is a general-purpose technology that is bound to affect every industry. To develop successful corporate and business strategies with AI, leaders have to capture the technological opportunity, understand the economics of AI and lead organizational change. Design/methodology/approach What to do with AI? How to set up for AI? Where is the value? Initial answers to these three fundamental questions are derived based on an interdisciplinary and integrated literature review. Findings AI leaders pursue competitive advantage by taking up the technological offer to predict-prescribe-automate, they enact machine learning by entering into a portfolio of experiments within a modular strategic framework, they organize the business to form of man-machine teams following the concept of human-agent collectives and they avoid falling victim to exponential growth bias. Practical implications In a business environment where the cognification of everything will lead to exponential growth of both, volume of data and intelligence of machines, it will be paramount for strategic leaders to have a robust AI strategy in place and to develop the competencies required for managing the Artificially Intelligent Firm. Originality/value This overview enables strategic leaders to prepare themselves and their organizations for AI. It spearheads making required connections between technology, economics and management of AI.

PowerPoint slideware is one of the dominant tools in higher education. During more than two decades of pervasive use, little effort has been made to innovate and refrain from default slides and templates. This paper elucidates on how the effective use of PowerPoint can facilitate improved educational practices. Supported by the relevant empirical evidence, it is concluded that the use of the slideware goes hand in hand with little reflective deployment, also in education. On the basis of the literature, relevant principles of 'how to do' slides and 'what to do with' slides are derived. As these are insufficient to overcome the criticism that presentation 'delivery' regularly remains a one-way street, results from an explorative workshop are presented which allow for innovative, constructivist didactics in interactive sessions with PowerPoint. To provide a platform for further innovation, the findings are structured according to the cognitive domain of Bloom's taxonomy.

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