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Breaking with the past in smart specialisation: A new model of selection of business stakeholders within the entrepreneurial process of discovery

Listed author(s):
  • Diego Martínez-López
  • Manuel Palazuelos-Martínez

The real core of the smart specialisation approach is embedded in what is known as the entrepreneurial process of discovery (EPD), which is a main novelty of this innovative policy framework. A successful EPD requires a relevant involvement of stakeholders, but this demands a careful actors´ selection. This paper proposes an analytical method for the selection of private business stake-holders, based on a transparent and measurable criterion: the choice of the entrepreneurs who can best de.ne an adequate resource allocation over time in a context of uncertainty. On the basis of a dynamic general equilibrium model with monopolistic competition, the paper proposes a simple test comparing the optimal decisions on factors.demand taken in di¤erent periods. The closer the factors. demands are, the better the entrepreneur.s ability will be to predict the most adequate level of resources. The main contributions are three-fold. Firstly, it proposes an analytically-sound method to discriminate between entrepreneurs, which could minimise rent-seekers.behaviours. Secondly, the model incorporates new features in relation to previous references, such as monopolistic competition and consumer behaviour. Thirdly, the entrepreneurship discussion is broadened to consider not only labour but also private capital.

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File URL: http://infogen.webs.uvigo.es/WPB/WP1401.pdf
File Function: First version, 2014
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Paper provided by Universidade de Vigo, GEN - Governance and Economics research Network in its series Working Papers. Collection B: Regional and sectoral economics with number 1401.

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Length: 16 pages
Date of creation: Sep 2014
Handle: RePEc:gov:wpregi:1401
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  1. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-1037, October.
  2. Rebecca Henderson & Iain Cockburn, 1996. "Scale, Scope, and Spillovers: The Determinants of Research Productivity in Drug Discovery," RAND Journal of Economics, The RAND Corporation, vol. 27(1), pages 32-59, Spring.
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  8. Dixit, Avinash K & Stiglitz, Joseph E, 1977. "Monopolistic Competition and Optimum Product Diversity," American Economic Review, American Economic Association, vol. 67(3), pages 297-308, June.
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  14. Andres RODRIGUEZ-POSE & Marco DI CATALDO & Alessandro RAINOLDI, 2014. "The Role of Government Institutions for Smart Specialisation and Regional Development," JRC Working Papers JRC88935, Joint Research Centre (Seville site).
  15. Philip McCann & Raquel Ortega-Argilés, 2011. "Smart specialisation, regional growth and applications to EU cohesion policy," Working Papers 2011/14, Institut d'Economia de Barcelona (IEB).
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