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Entrepreneurial team's risk-based decision-making: A dynamic game analysis

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  • Kefan, Xie
  • Gang, Chen
  • Wu, Desheng Dash
  • Luo, Cuicui
  • Qian, Wu
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    Abstract

    It is well-known that some cognitive factors such as opportunity perception and risk perception influence entrepreneurial risk-based decision-making (RBDM). This paper proposes some rules of entrepreneur's risk decision-learning to address this RBDM taking cognitive factors into consideration. The learning mechanisms of entrepreneurial team's RBDM is derived based on entrepreneur's perception evolution. The paper employs a system dynamics model to analyze the entrepreneurial team's risk decision-learning. A case study is conducted to demonstrate the entrepreneurial RBDM process with cognitive factors.

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    Bibliographic Info

    Article provided by Elsevier in its journal International Journal of Production Economics.

    Volume (Year): 134 (2011)
    Issue (Month): 1 (November)
    Pages: 78-86

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    Handle: RePEc:eee:proeco:v:134:y:2011:i:1:p:78-86

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    Web page: http://www.elsevier.com/locate/ijpe

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    Keywords: Risk-based decision-making (RBDM) Learning mechanism Opportunity perception (OP) Risk perception (RP) Risk decision-learning;

    References

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    1. Harper, David A., 2008. "Towards a theory of entrepreneurial teams," Journal of Business Venturing, Elsevier, vol. 23(6), pages 613-626, November.
    2. Meijer, Ineke S.M. & Hekkert, Marko P. & Koppenjan, Joop F.M., 2007. "The influence of perceived uncertainty on entrepreneurial action in emerging renewable energy technology; biomass gasification projects in the Netherlands," Energy Policy, Elsevier, vol. 35(11), pages 5836-5854, November.
    3. McVea, John F., 2009. "A field study of entrepreneurial decision-making and moral imagination," Journal of Business Venturing, Elsevier, vol. 24(5), pages 491-504, September.
    4. Riechmann, Thomas, 2001. "Genetic algorithm learning and evolutionary games," Journal of Economic Dynamics and Control, Elsevier, vol. 25(6-7), pages 1019-1037, June.
    5. Minniti, Maria, 2004. "Entrepreneurial alertness and asymmetric information in a spin-glass model," Journal of Business Venturing, Elsevier, vol. 19(5), pages 637-658, September.
    6. Fenzl, Thomas & Brudermann, Thomas, 2009. "Risk behavior in decision-making in a multi-person-setting," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 38(5), pages 752-756, October.
    7. Chu, P. C. & Spires, Eric E., 2003. "Perceptions of accuracy and effort of decision strategies," Organizational Behavior and Human Decision Processes, Elsevier, vol. 91(2), pages 203-214, July.
    8. Wu, Desheng Dash, 2009. "Performance evaluation: An integrated method using data envelopment analysis and fuzzy preference relations," European Journal of Operational Research, Elsevier, vol. 194(1), pages 227-235, April.
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