An Evolutionary Approach to the Theory of Entrepreneurship
AbstractAn economic model featuring entrepreneurial behaviour is built and tested using simulation techniques. The building blocks of our model are bounded-rational actors with specific sets of endowments: ""entrepreneurial spirit'', human capital, and venture capital. The entrepreneurial behaviour to found a firm is triggered by the individuals' endowments, their social network, and the evaluation of the economic situation. Bandwagon effects occur when high growth rates in emerging markets increase firm entries and firm entries in return increase growth rates until competition unfolds its selective power. The firm's survivability is determined by its founders' endowments and its competitiveness. Whether actors are right or wrong in evaluating their economic situation and their consequent decisions is proven ex post . Thus, there will be winners and losers in this economic system.
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Industry and Innovation.
Volume (Year): 10 (2003)
Issue (Month): 4 ()
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Other versions of this item:
- Thomas Grebel & Andreas Pyka & Horst Hanusch, 2001. "An Evolutionary Approach to the Theory of Entrepreneurship," Discussion Paper Series 206, Universitaet Augsburg, Institute for Economics.
- O3 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights
- M13 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - New Firms; Startups
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