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Buridan's Ass, Risk, Uncertainty, and Self-Competition: A Theory of Entrepreneurship

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  • Khalil, Elias L

Abstract

This paper defines entrepreneurship as about 'self-competition,' the test to quest self-ability: can a future self achieve greater goals than what has been so far achieved? Self-competition involves the development of ability and, hence, ex ante assessment of ability is uncertain. Such anxiety occasions either immobilizing anxiety (Buridan's ass) or entrepreneurial action. No such uncertainty surrounds the assessment of risk probability characterizing events such as floods and stock market crashes. An observable prediction of the proposed uncertainty/risk dichotomy is that insurance, which concerns risk, cannot crowd out religions and other belief systems which appeal to uncertainty. Copyright 1997 by WWZ and Helbing & Lichtenhahn Verlag AG

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Kyklos.

Volume (Year): 50 (1997)
Issue (Month): 2 ()
Pages: 147-63

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Handle: RePEc:bla:kyklos:v:50:y:1997:i:2:p:147-63

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0023-5962

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Cited by:
  1. Fikret Adaman & Pat Devine, 2002. "A Reconsideration of the Theory of Entrepreneurship: A participatory approach," Review of Political Economy, Taylor & Francis Journals, vol. 14(3), pages 329-355.
  2. Tony Yu, 2001. "An Entrepreneurial Perspective of Institutional Change," Constitutional Political Economy, Springer, vol. 12(3), pages 217-236, September.
  3. Khalil, Elias L., 2010. "The Bayesian fallacy: Distinguishing internal motivations and religious beliefs from other beliefs," Journal of Economic Behavior & Organization, Elsevier, vol. 75(2), pages 268-280, August.
  4. Khalil, Elias L., 1999. "Sentimental fools: a critique of Amartya Sen's notion of commitment," Journal of Economic Behavior & Organization, Elsevier, vol. 40(4), pages 373-386, December.
  5. Khalil, Elias L., 1998. "Accounting for tastes : By Gary Becker. Cambridge, MA: Harvard University Press, 1996, pp. 258 (hardcover)," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 27(2), pages 293-298.
  6. Tony Fu-Lai Yu, 2003. "Innovation and coordination: A schutzian perspective," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 12(5), pages 397-412.

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