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Decision Making in Entrepreneurial Finance: A Behavioral Perspective

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  • Rassoul Yazdipour

    (California State University, Fresno)

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    Abstract

    Central questions in entrepreneurship and entrepreneurial finance are briefly discussed and case is made for the need for applying the behavioral finance theories and models to better understand the decision making dynamics that is involved at each stage of the entrepreneurial process. By dissecting a venture's total risk into a "Resident Risk" component and a "Behavioral Risk" component, attempt is made in this writing to introduce a preliminary risk model for evaluating key retrepreneurial decisions like the decision to launch and fund a new venture. Although the focus here is on individual decision making under highly uncertain entrepreneurial environments, but the suggested risk framework and the related discussions can be extended to decision making processes in all other uncertain environment.

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    File URL: http://jefsite.org/RePEc/pep/journl/jef-2009-13-2-c-yazdipour.pdf
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    Bibliographic Info

    Article provided by Pepperdine University, Graziadio School of Business and Management in its journal Journal of Entrepreneurial Finance.

    Volume (Year): 13 (2009)
    Issue (Month): 2 (Fall)
    Pages: 56-75

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    Handle: RePEc:pep:journl:v:13:y:2009:i:2:p:56-75

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    Web page: http://bschool.pepperdine.edu/jef
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    Related research

    Keywords: Decision-making; entrepreneurship; entrepreneurial finance; behavioral finance; resident risk; behavioral risk;

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    1. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March.
    2. Slovic, Paul, 1972. "Psychological Study of Human Judgment: Implications for Investment Decision-Making," Journal of Finance, American Finance Association, vol. 27(4), pages 779-99, September.
    3. Spence, A Michael, 1973. "Job Market Signaling," The Quarterly Journal of Economics, MIT Press, vol. 87(3), pages 355-74, August.
    4. Dan Lovallo & Colin Camerer, 1999. "Overconfidence and Excess Entry: An Experimental Approach," American Economic Review, American Economic Association, vol. 89(1), pages 306-318, March.
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