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The Discovery of Opportunities: Extending the Economic Theory of the Entrepreneur

  • Mark Casson

    ()

  • Nigel Wadeson

Shane ( 2003 ) [A General Theory of Entrepreneurship: The Individual-Opportunity Nexus. Cheltenham: Edward Elgar] has shown convincingly that modern theories of entrepreneurship perform reasonably well in explaining the empirical results obtained in different areas of research upon the subject. His book also shows that the cognitive aspects of entrepreneurship in general—and opportunity recognition in particular—are important areas that warrant further research. This paper argues that the concept of opportunity is closely related to the concept of a project, as an opportunity is essentially a project that would prove beneficial if it were exploited. It is suggested that modelling individual search across potential projects, and the screening of projects by the use of symptoms, holds the key to the successful modelling of entrepreneurship in terms of opportunity. Copyright Springer Science+Business Media, LLC 2007

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File URL: http://hdl.handle.net/10.1007/s11187-006-9037-7
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Article provided by Springer in its journal Small Business Economics.

Volume (Year): 28 (2007)
Issue (Month): 4 (April)
Pages: 285-300

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Handle: RePEc:kap:sbusec:v:28:y:2007:i:4:p:285-300
Contact details of provider: Web page: http://www.springerlink.com/link.asp?id=100338

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  1. Nigel Wadeson, 2004. "Multi-dimensional search: choosing the right path," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 11(3), pages 287-301.
  2. Mark Casson & Nigel Wadeson, 1998. "Communication Costs and the Boundaries of the Firm," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 5(1), pages 5-27.
  3. Young, Alwyn, 1993. "Substitution and Complementarity in Endogenous Innovation," The Quarterly Journal of Economics, MIT Press, vol. 108(3), pages 775-807, August.
  4. Pindyck, Robert S., 1993. "Investments of uncertain cost," Journal of Financial Economics, Elsevier, vol. 34(1), pages 53-76, August.
  5. Gifford, Sharon & Wilson, Charles A, 1995. "A Model of Project Evaluation with Limited Attention," Economic Theory, Springer, vol. 5(1), pages 67-78, January.
  6. David B. Audretsch & Max Keilbach, 2006. "Entrepreneurship, Growth and Restructuring," Papers on Entrepreneurship, Growth and Public Policy 2006-13, Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group.
  7. Alwyn Young, 1993. "Substitution and Complementarity in Endogenous Innovation," NBER Working Papers 4256, National Bureau of Economic Research, Inc.
  8. Lippman, Steven A & McCall, John J, 1976. "The Economics of Job Search: A Survey," Economic Inquiry, Western Economic Association International, vol. 14(3), pages 347-68, September.
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