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An Evolutionary Approach to the Theory of Entrepreneurship

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Abstract

The building blocks of our model are bounded-rational actors with specific sets of endowments: 'entrepreneurial spirit', human capital and venture capital. The entrepreneurial behavior 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 firms' survivability is determined by its founders endowments and its competitiveness. If 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.

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File URL: http://www.wiwi.uni-augsburg.de/vwl/institut/paper/206.pdf
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Bibliographic Info

Paper provided by Universitaet Augsburg, Institute for Economics in its series Discussion Paper Series with number 206.

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Length: pages
Date of creation: Jul 2001
Date of revision:
Handle: RePEc:aug:augsbe:0206

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Web page: http://www.wiwi.uni-augsburg.de/vwl/institut
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Keywords: entrepreneurship; human capital; venture capital; social networks; evolutionary economics; swarms of innovations;

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References

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  1. Foss, Nicolai Juul, 1993. "Theories of the Firm: Contractual and Competence Perspectives," Journal of Evolutionary Economics, Springer, vol. 3(2), pages 127-44, May.
  2. Kirzner, Israel M, 1999. " Creativity and/or Alertness: A Reconsideration of the Schumpeterian Entrepreneur," The Review of Austrian Economics, Springer, vol. 11(1-2), pages 5-17.
  3. Schultz, Theodore W, 1975. "The Value of the Ability to Deal with Disequilibria," Journal of Economic Literature, American Economic Association, vol. 13(3), pages 827-46, September.
  4. Gary S. Becker, 1975. "Human Capital: A Theoretical and Empirical Analysis, with Special Reference to Education, 2nd ed," NBER Books, National Bureau of Economic Research, Inc, number beck75-1, October.
  5. Demsetz, Harold, 1988. "The Theory of the Firm Revisited," Journal of Law, Economics and Organization, Oxford University Press, vol. 4(1), pages 141-61, Spring.
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Citations

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Cited by:
  1. Michael Peneder, 2009. "The Meaning of Entrepreneurship: A Modular Concept," Journal of Industry, Competition and Trade, Springer, vol. 9(2), pages 77-99, June.
  2. Atkinson, Robert D. & Hackler, Darrene, 2010. "Economic Doctrines and Approaches to Climate Change Policy," MPRA Paper 29718, University Library of Munich, Germany.
  3. Isabel Salavisa & Pedro Videira & Filipa Santos, 2009. "Entrepreneurship and social networks in IT sectors: the case of the software industry in Portugal," Journal of Innovation Economics, De Boeck Université, vol. 0(2), pages 15-39.
  4. Duschl, Matthias & Schimke, Antje & Brenner, Thomas & Luxen, Dennis, 2011. "Firm growth and the spatial impact of geolocated external factors: Empirical evidence for German manufacturing firms," Working Paper Series in Economics 36, Karlsruhe Institute of Technology (KIT), Department of Economics and Business Engineering.
  5. Horst Hanusch & Andreas Pyka, 2006. "Manifesto for Comprehensive Neo-Schumpeterian Economics," Discussion Paper Series 289, Universitaet Augsburg, Institute for Economics.
  6. Horst Hanusch & Andreas Pyka, 2007. "Principles of Neo-Schumpeterian Economics," Cambridge Journal of Economics, Oxford University Press, vol. 31(2), pages 275-289, March.
  7. Thomas Grebel & Andreas Pyka, 2003. "Agent-based modelling - A methodology for the analysis of qualitative development processes," Discussion Paper Series 251, Universitaet Augsburg, Institute for Economics.
  8. Grebel, Thomas, 2009. "Technological change: A microeconomic approach to the creation of knowledge," Structural Change and Economic Dynamics, Elsevier, vol. 20(4), pages 301-312, December.
  9. Audretsch, David B & Meijaard, Joris & Stam, Erik, 2005. "Renascent Men or Entrepreneurship as a One-Night Stand: Entrepreneurial Intentions Subsequent to Firm Exit," CEPR Discussion Papers 5342, C.E.P.R. Discussion Papers.
  10. Karl Wennberg & Karin Hellerstedt, 2011. "Evolution of knowledge intensive firms: a sociogeographic demand side perspective," ERSA conference papers ersa10p1585, European Regional Science Association.
  11. Andreas Pyka & Giorgio Fagiolo, 2005. "Agent-Based Modelling: A Methodology for Neo-Schumpeterian Economics," Discussion Paper Series 272, Universitaet Augsburg, Institute for Economics.
  12. Anthony Endres & Christine Woods, 2010. "Schumpeter’s ‘conduct model of the dynamic entrepreneur’: scope and distinctiveness," Journal of Evolutionary Economics, Springer, vol. 20(4), pages 583-607, August.
  13. Thomas Grebel & Horst Hanusch & Esther Merey, 2004. "Schumpeterian Dynamics and Financial Market Anomalies," Discussion Paper Series 264, Universitaet Augsburg, Institute for Economics.
  14. Matthias Duschl & Antje Schimke & Thomas Brenner & Dennis Luxen, 2011. "Firm Growth and the Spatial Impact of Geolocated External Factors – Empirical Evidence for German Manufacturing Firms," Working Papers on Innovation and Space 2011-03, Philipps University Marburg, Department of Geography.

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