Entrepreneurial team's risk-based decision-making: A dynamic game analysis

Xie Kefan, Chen Gang, Desheng Dash Wu, Cuicui Luo and Wu Qian

International Journal of Production Economics, 2011, vol. 134, issue 1, 78-86

Abstract: It is well-known that some cognitive factors such as opportunity perception and risk perception influence entrepreneurial risk-based decision-making (RBDM). This paper proposes some rules of entrepreneur's risk decision-learning to address this RBDM taking cognitive factors into consideration. The learning mechanisms of entrepreneurial team's RBDM is derived based on entrepreneur's perception evolution. The paper employs a system dynamics model to analyze the entrepreneurial team's risk decision-learning. A case study is conducted to demonstrate the entrepreneurial RBDM process with cognitive factors.

Keywords: Risk-based; decision-making; (RBDM); Learning; mechanism; Opportunity; perception; (OP); Risk; perception; (RP); Risk; decision-learning (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:eee:proeco:v:134:y:2011:i:1:p:78-86

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