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Toward a theory of entrepreneurial rents: A simulation of the market process

Mohammad Keyhani, Moren Lévesque, Anoop Madhok
2014 Strategic Management Journal  
We use cooperative game theory to structure computer simulations of the market process in which acts of creation and discovery disequilibrate and equilibrate the market over time.  ...  We impute entrepreneurial rents to underlying actions of creation and discovery under various combinations.  ...  ACKNOWLEDGEMENTS We are grateful to Yuval Deutsch, Will Mitchell and anonymous reviewers for insightful comments and guidance in the preparation of this paper.  ... 
doi:10.1002/smj.2203 fatcat:suug3ytwk5gtlmaig44scw5ahm

Opportunity recognition processes of black entrepreneurs

Robert P. Singh, SherRhonda R. Gibbs
2013 Journal of Small Business and Entrepreneurship  
In an effort to take better sense of the factors shaping the entrepreneurial opportunity recognition, this study aims to examine the potential effect of entrepreneurial alertness, prior knowledge and social  ...  Therefore, governments and researchers alike have concentrated their effort in pursue of increasing entrepreneurial activities within the community.  ...  In essence, it is a discovery of an idea to create new businesses and the search of information regarding market and technological possibilities [15] .  ... 
doi:10.1080/08276331.2014.892312 fatcat:hk3hw27jfjav5bgolveze7vsqa

Competitive Processes and the Evolution of Governance Structures

Martin Ricketts
2000 Journal des Économistes et des Études Humaines  
The Coasian and Austrian approaches to the explanation of governance arrangements are contrasted.  ...  entrepreneurial talent to the direction of economic resources.  ...  An Austrian explanation might emphasise the increased importance of entrepreneurial skills in the generation of competitive advantage.  ... 
doi:10.1515/jeeh-2000-0201 fatcat:y3kmsfyvzrg63o4hvb5ske6tly

A Process Approach to Corporate Coherence

Nicolai J. Foss, Jens Froslev Christensen
1998 Social Science Research Network  
Drawing on insights from market-process theories, we put forward a dynamic understanding of corporate coherence as involving the corporate capacity to strike a favorable balance between the production  ...  This argument is elaborated drawing on Austrian, evolutionary and post-Marshallian economics.  ...  Introduction This paper develops an approach to corporate coherence that is inspired by market-process approaches, such as Austrian (Hayek, 1948; Lachmann, 1956 Lachmann, , 1986 Kirzner, 1973) , post-Marshallian  ... 
doi:10.2139/ssrn.70888 fatcat:wlbakz2wyjfdnipxjnamykcxe4

Private Property Rights, Dynamic Efficiency and Economic Development: An Austrian Reply to Neo-Marxist Scholars Nieto and Mateo on Cyber-Communism and Market Process

William Hongsong Wang, Victor I. Espinosa, José Antonio Peña-Ramos
2021 Economies  
This paper is the first and an initial Austrian challenge to Neo-Marxist scholars Nieto and Mateo's argumentation that cyber-communism and the Austrian theory of dynamic efficiency are consistent to enhance  ...  After that, we evaluate the implications of cyber-communism in the dynamic efficiency process.  ...  competition process is also dynamic.  ... 
doi:10.3390/economies9040165 fatcat:qulekppphjcupai4rlcj4s2gnq

A framework for comparing entrepreneurship processes across nations

Ted Baker, Eric Gedajlovic, Michael Lubatkin
2005 Journal of International Business Studies  
Acknowledgements We like to thank the three anonymous reviewers and Special Departmental Editor Professor Patricia P McDougall for their help in substantially improving our paper.  ...  From the perspective of market efficiency, these processes create substantial labor market imperfections (Melkas and Anker, 1997; Kunovich and Hodson, 2002) and affect who discovers what entrepreneurial  ...  Like entrepreneurship, IE pertains to the discovery, evaluation and exploitation of market opportunities.  ... 
doi:10.1057/palgrave.jibs.8400153 fatcat:xhq3tyohyja7jju45grc2xyrmi

Optimizing Entrepreneurial Development Processes for Smart Specialization in the European Union

László Szerb, Raquel Ortega‐Argilés, Zoltan J. Acs, Éva Komlósi
2020 Papers in Regional Science  
The research was financed by the Higher Education Institutional Excellence Programme of the Ministry for Innovation and Technology in Hungary, within the framework of the 4th thematic programme "'Enhancing  ...  Éva Komlósi also thanks for financial support of the EFOP project (EFOP-3.6.2-16-2017-00017) titled as "Sustainable, intelligent and inclusive regional and city-based models."  ...  S3 includes industry prioritization and reliance on the entrepreneurial discovery process (EDP).  ... 
doi:10.1111/pirs.12536 fatcat:a2rk7hiwnrci3lwv45e274zw6a

Entrepreneurship, subjectivism, and the resource-based view: toward a new synthesis

Nicolai J. Foss, Peter G. Klein, Yasemin Y. Kor, Joseph T. Mahoney
2008 Strategic Entrepreneurship Journal  
The article synthesizes theoretical insights from Austrian economics, Penrose's (1959) resources approach, and modern resource-based theory, focusing on the essential subjectivity of the entrepreneurial  ...  process.  ...  , activity, or process, and not as an employment category or market structure.  ... 
doi:10.1002/sej.41 fatcat:y7dauw5cpvekxee5qtoy6cjgny

Entrepreneurship, Subjectivism, and the Resource-Based View: Towards a New Synthesis

Yasemin Y. Kor, Nicolai J. Foss, Peter G. Klein, Joseph T. Mahoney
2006 Social Science Research Network  
The paper synthesizes theoretical insights from Austrian economics and Penrose's (1959) resources approach, arguing that entrepreneurship is inherently subjective and firm specific.  ...  The paper synthesizes theoretical insights from Austrian economics and Penrose's (1959) resources approach, arguing that entrepreneurship is inherently subjective and firm specific.  ...  The Subjective and Firm-Specific Nature of Entrepreneurial Discovery Firm development and entrepreneurial growth is an evolutionary and cumulative process of experimentation and learning about resources  ... 
doi:10.2139/ssrn.982150 fatcat:6kbnneq5t5c3dof67hhhplpikq

A Model of the Market Process with Numerical Simulation

Ricardo Luis Chaves Feijó, Fabio Barbieri
2018 Modern Economy  
of the market process and the agent's alertness role in equilibration.  ...  It is emphasized here the approach in which the agent's alertness is crucial to the market.  ...  Barbieri of the Austrian school's view of the market process. However, such a model distorts the fundamental meaning of the Austrian dynamics approach on market.  ... 
doi:10.4236/me.2018.911118 fatcat:5eiptgurjzg3ndnlrm2m26dzrq

Israel M. Kirzner: An Outstanding Austrian Contributor to the Economics of Entrepreneurship

Robin Douhan, Gunnar Eliasson, Magnus Henrekson
2007 Small Business Economics  
In order to better understand his theory, we posit Kirzner's notion of an entrepreneur in the Austrian tradition.  ...  In this essay, we present and evaluate his main contributions to the economics of entrepreneurship. The focus is on how Kirzner defines the entrepreneurial function.  ...  The Kirznerian Entrepreneur The entrepreneur's activity is essentially competitive. And thus competition is inherent in the nature of the entrepreneurial market process.  ... 
doi:10.1007/s11187-006-9041-y fatcat:lqu4fgiywvgrvciitowivasaiu

Entrepreneurship, Knowledge, Space, and Place: Evolutionary Economic Geography meets Austrian Economics [chapter]

Erik Stam, Jan Lambooy
2012 Advances in Austrian Economics  
We show the strengths and opportunities of Austrian economics for the indeterminate dynamic analysis of entrepreneurship and evolving selection environments, and the spatial aspects of these processes  ...  The emergent systems-new organizations, institutions, industrial clusters, cities, and regions-in turn form the context for subsequent entrepreneurial actions.  ...  Key elements are the role of knowledge and entrepreneurial discovery in the process of market equilibration: "the systemic process in which market participants acquire more and more accurate and complete  ... 
doi:10.1108/s1529-2134(2012)0000016007 fatcat:yh2ubedoejhk3oqvqdinuup74q

Alertness, Judgment, and the Antecedents of Entrepreneurship

Nicolai J. Foss, Peter G. Klein
2010 Social Science Research Network  
Finally, we discuss an inconsistency in Kirzner's treatment of the antecedents of entrepreneurial behavior.  ...  Specifically, we characterize Kirzner's emphasis on processes of equilibration as a departure from the causal-realist price theory developed by Menger and his nineteenth-and twentieth-century followers  ...  Acknowledgments: We thank Dan Klein and Joe Salerno for helpful conversations and Per Bylund and Claus Vistesen for research assistance. The usual caveat applies.  ... 
doi:10.2139/ssrn.1579975 fatcat:vqhwpor7unfxbgozctlxyrcmrm

Cluster-Based Economic Strategy, Facilitation Policy and the Market Process

Frédéric Sautet
2004 The Review of Austrian Economics  
linkages and hampers the creation of new ideas and businesses.  ...  The geographical concentration of related manufacturing and service firms is as old as economic development, but it has drawn renewed attention in the last two decades in the wake of the spectacular growth  ...  As a result, this approach attributes a central role to technological push at the expense of market pull and often leads to technologies in search of markets.  ... 
doi:10.1023/b:raec.0000026833.26220.2d fatcat:u6q2wrmswzhjlg3eq46qk7dina

The overlooked costs of the permanent war economy: A market process approach

Thomas K. Duncan, Christopher J. Coyne
2012 The Review of Austrian Economics  
Yet in an administrative institutional arrangement that does not allow for a true market competition, this intense competition takes place through politics rather than on the margins of price and profit  ...  **Note: "Market rate" here refers to the rate of entrepreneurial discoveries that would be established under the alternative market-oriented institutional arrangement. expanded use of UAVs in other ways  ... 
doi:10.1007/s11138-012-0191-7 fatcat:bxlyka4vandjdoun2oaqornnzi
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