Entrepreneurial team's risk-based decision-making: A dynamic game analysis
AbstractIt 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 InfoArticle provided by Elsevier in its journal International Journal of Production Economics.
Volume (Year): 134 (2011)
Issue (Month): 1 (November)
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Web page: http://www.elsevier.com/locate/ijpe
Risk-based decision-making (RBDM) Learning mechanism Opportunity perception (OP) Risk perception (RP) Risk decision-learning;
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