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Entrepreneurial Decision-Making Under Risk

Author

Listed:
  • Ma Dalong

    (University of Northern Colorado, 80639-6900 Greeley, CO, USA)

  • Fiet James O.

    (University of Louisville, Louisville, KY, USA)

  • Dubofsky David A.

    (Independent, Richmond, VA, USA)

Abstract

This research addresses how entrepreneurs may make different decisions compared to non-entrepreneurs when they face the same opportunities. We begin by considering the nexus between opportunities and entrepreneurs/non-entrepreneurs. From an entrepreneur’s perspective, based on dual-process theory, we examine how different thinking styles influence decision-making. From an opportunity perspective, based on prospect theory, we test how different types of opportunity framing influence decision-making. The results indicate that entrepreneurs and non-entrepreneurs assess opportunities differently. Our research design also provides a new method to elicit both the subjective value model and the probability-weighting model.

Suggested Citation

  • Ma Dalong & Fiet James O. & Dubofsky David A., 2023. "Entrepreneurial Decision-Making Under Risk," Entrepreneurship Research Journal, De Gruyter, vol. 13(2), pages 221-249, April.
    • Handle: RePEc:bpj:erjour:v:13:y:2023:i:2:p:221-249:n:5
    DOI: 10.1515/erj-2020-0051
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