Entrepreneurial Decision-Making Under Risk

Ma Dalong (), Fiet James O. and Dubofsky David A.
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Ma Dalong: University of Northern Colorado, 80639-6900 Greeley, CO, USA
Fiet James O.: University of Louisville, Louisville, KY, USA
Dubofsky David A.: Independent, Richmond, VA, USA

Entrepreneurship Research Journal, 2023, vol. 13, issue 2, 221-249

Abstract: This research addresses how entrepreneurs may make different decisions compared to non-entrepreneurs when they face the same opportunities. We begin by considering the nexus between opportunities and entrepreneurs/non-entrepreneurs. From an entrepreneur’s perspective, based on dual-process theory, we examine how different thinking styles influence decision-making. From an opportunity perspective, based on prospect theory, we test how different types of opportunity framing influence decision-making. The results indicate that entrepreneurs and non-entrepreneurs assess opportunities differently. Our research design also provides a new method to elicit both the subjective value model and the probability-weighting model.

Keywords: dual-process theory; entrepreneurial decision-making; prospect theory (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:bpj:erjour:v:13:y:2023:i:2:p:221-249:n:5

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DOI: 10.1515/erj-2020-0051

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