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An Evolutionary Approach to the Theory of Entrepreneurship

  • Thomas Grebel
  • Andreas Pyka
  • Horst Hanusch

An 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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Article provided by Taylor & Francis Journals in its journal Industry and Innovation.

Volume (Year): 10 (2003)
Issue (Month): 4 ()
Pages: 493-514

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Handle: RePEc:taf:indinn:v:10:y:2003:i:4:p:493-514
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  1. Coase, R. H., 1990. "The Firm, the Market, and the Law," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226111018.
  2. Gary S. Becker, 1975. "Human Capital: A Theoretical and Empirical Analysis, with Special Reference to Education, Second Edition," NBER Books, National Bureau of Economic Research, Inc, number beck75-1, June.
  3. Foss, Nicolai Juul, 1993. "Theories of the Firm: Contractual and Competence Perspectives," Journal of Evolutionary Economics, Springer, vol. 3(2), pages 127-44, May.
  4. 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.
  5. 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.
  6. 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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