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Prospect Theory: A Valuable Theory to Exploring the Decision-Making of Innovation-Driven Entrepreneurship

In: A Theoretical Foundation for Innovation-Driven Entrepreneurship

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  • Jun Yang

    (Zhejiang University)

Abstract

The popularization of information and digital technology has brought a deeper integration of entrepreneurship and innovation. Triggered by technological, institutional, and business model innovation, entrepreneurial activities have become more innovative. The opportunities of co-development and value creation by multiple actors have been realized through the iterative interaction of multiple elements, which is defined as innovation-driven entrepreneurship (Cai et al., 2021). As innovation-driven entrepreneurship emphasizes “innovation-driven,” the uncertainties that emerge are more prominent. Moreover, entrepreneurs may face even more extreme decision-making situations in the startup process, which is more likely to deviate from the classical rational decision-making model (Baron, 1998). Prospect theory is an important theory used to explain how individuals judge and make decisions in uncertain situations, a basic theory that can help reveal the rational rules of the seemingly irrational behaviors of entrepreneurs in highly uncertain circumstances.

Suggested Citation

  • Jun Yang, 2025. "Prospect Theory: A Valuable Theory to Exploring the Decision-Making of Innovation-Driven Entrepreneurship," Springer Books, in: Li Cai & Baoshan Ge & Xueling Li & Xiaoyu Yu (ed.), A Theoretical Foundation for Innovation-Driven Entrepreneurship, chapter 0, pages 297-307, Springer.
    • Handle: RePEc:spr:sprchp:978-981-96-3133-9_30
    DOI: 10.1007/978-981-96-3133-9_30
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