Buridan's Ass, Risk, Uncertainty, and Self-Competition: A Theory of Entrepreneurship
This paper defines entrepreneurship as about 'self-competition,' the test to quest self-ability: can a future self achieve greater goals than what has been so far achieved? Self-competition involves the development of ability and, hence, ex ante assessment of ability is uncertain. Such anxiety occasions either immobilizing anxiety (Buridan's ass) or entrepreneurial action. No such uncertainty surrounds the assessment of risk probability characterizing events such as floods and stock market crashes. An observable prediction of the proposed uncertainty/risk dichotomy is that insurance, which concerns risk, cannot crowd out religions and other belief systems which appeal to uncertainty. Copyright 1997 by WWZ and Helbing & Lichtenhahn Verlag AG
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Volume (Year): 50 (1997)
Issue (Month): 2 ()
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