Computational modeling of entrepreneurship grounded in Austrian economics: Insights for strategic entrepreneurship and the opportunity debate.
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| Authors: | Keyhani, Mohammad1 mohammad.keyhani@haskayne.ucalgary.ca |
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| Source: | Strategic Entrepreneurship Journal. Jun2019, Vol. 13 Issue 2, p221-240. 20p. |
| Abstract: | Research Summary : This paper makes three key arguments: (a) that computational modeling is a key methodological tool that can aid in the development of formal economic foundations for entrepreneurship that are grounded in Austrian economics; (b) that computational modeling grounded in Austrian economics can serve to integrate models of competitive advantage in equilibrium (economic foundations of strategy) with models of the entrepreneurial function in disequilibrium (economic foundations of entrepreneurship), thereby providing an economic foundation for strategic entrepreneurship; and (c) that the mathematical precision of computational modeling grounded in Austrian economics can serve to clarify the logic behind differing perspectives that have led to debates fueled by the imprecision of natural languages, such as the opportunity debate in the entrepreneurship literature. Managerial Summary This paper asks: what are the implications for strategic entrepreneurship if we model it on the foundations of an economic logic developed by the Austrian economics school of thought in a way that integrates into existing economic logics of strategy and competitive advantage? The Austrian economics logic highlights the role of disequilibrium, creative imagination, time and uncertainty, while the traditional economic logic emphasizes the importance of structural sustainable advantages in equilibrium. In this integrative view, even if a firm does not enjoy any competitive advantage over rivals, opportunities for profit or development of competitive advantage still exist through entrepreneurial action. An entrepreneur adopting this view in practice would recognize their own agency, but also the limits to it and the role of external factors. [ABSTRACT FROM AUTHOR] |
| Database: | Entrepreneurial Studies Source |
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| Header | DbId: ent DbLabel: Entrepreneurial Studies Source An: 136709898 AccessLevel: 6 PubType: Academic Journal PubTypeId: academicJournal PreciseRelevancyScore: 0 |
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| Items | – Name: Author Label: Authors Group: Au Data: <searchLink fieldCode="AR" term="%22Keyhani%2C+Mohammad%22">Keyhani, Mohammad</searchLink><relatesTo>1</relatesTo><i> mohammad.keyhani@haskayne.ucalgary.ca</i> – Name: TitleSource Label: Source Group: Src Data: <searchLink fieldCode="JN" term="%22Strategic+Entrepreneurship+Journal%22">Strategic Entrepreneurship Journal</searchLink>. Jun2019, Vol. 13 Issue 2, p221-240. 20p. – Name: Abstract Label: Abstract Group: Ab Data: Research Summary : This paper makes three key arguments: (a) that computational modeling is a key methodological tool that can aid in the development of formal economic foundations for entrepreneurship that are grounded in Austrian economics; (b) that computational modeling grounded in Austrian economics can serve to integrate models of competitive advantage in equilibrium (economic foundations of strategy) with models of the entrepreneurial function in disequilibrium (economic foundations of entrepreneurship), thereby providing an economic foundation for strategic entrepreneurship; and (c) that the mathematical precision of computational modeling grounded in Austrian economics can serve to clarify the logic behind differing perspectives that have led to debates fueled by the imprecision of natural languages, such as the opportunity debate in the entrepreneurship literature. Managerial Summary This paper asks: what are the implications for strategic entrepreneurship if we model it on the foundations of an economic logic developed by the Austrian economics school of thought in a way that integrates into existing economic logics of strategy and competitive advantage? The Austrian economics logic highlights the role of disequilibrium, creative imagination, time and uncertainty, while the traditional economic logic emphasizes the importance of structural sustainable advantages in equilibrium. In this integrative view, even if a firm does not enjoy any competitive advantage over rivals, opportunities for profit or development of competitive advantage still exist through entrepreneurial action. An entrepreneur adopting this view in practice would recognize their own agency, but also the limits to it and the role of external factors. [ABSTRACT FROM AUTHOR] |
| PLink | https://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=ent&AN=136709898 |
| RecordInfo | BibRecord: BibEntity: Identifiers: – Type: doi Value: 10.1002/sej.1311 Languages: – Code: eng Text: English PhysicalDescription: Pagination: PageCount: 20 StartPage: 221 Titles: – TitleFull: Computational modeling of entrepreneurship grounded in Austrian economics: Insights for strategic entrepreneurship and the opportunity debate. Type: main BibRelationships: HasContributorRelationships: – PersonEntity: Name: NameFull: Keyhani, Mohammad IsPartOfRelationships: – BibEntity: Dates: – D: 01 M: 06 Text: Jun2019 Type: published Y: 2019 Identifiers: – Type: issn-print Value: 19324391 Numbering: – Type: volume Value: 13 – Type: issue Value: 2 Titles: – TitleFull: Strategic Entrepreneurship Journal Type: main |
| ResultId | 1 |
