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An Evolutionary Approach to the Theory of Entrepreneurship

Author

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  • Thomas Grebel
  • Andreas Pyka
  • Horst Hanusch

Abstract

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.

Suggested Citation

  • Thomas Grebel & Andreas Pyka & Horst Hanusch, 2003. "An Evolutionary Approach to the Theory of Entrepreneurship," Industry and Innovation, Taylor & Francis Journals, vol. 10(4), pages 493-514.
    • Handle: RePEc:taf:indinn:v:10:y:2003:i:4:p:493-514
    DOI: 10.1080/1366271032000163702
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    JEL classification:

    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups

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