Without judgment: An empirically-based entrepreneurial theory of the firm

Saras D. Sarasvathy () and Nicholas Dew ()
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Saras D. Sarasvathy: University of Virginia
Nicholas Dew: 1 University Circle

The Review of Austrian Economics, 2013, vol. 26, issue 3, No 3, 277-296

Abstract: Abstract Austrian ideas about the firm have grown rather naturally out of the central body of Austrian thought with its focus on entrepreneurship, subjectivism and market processes. In this paper we critically evaluate some Austrian ideas on the firm, with particular attention to the concept of entrepreneurial judgment. We then describe recent empirical work in entrepreneurship that has identified key elements of what might reside inside the “black box” of entrepreneurial decision making. We conclude that expertise in this type of decision making embodies procedural knowledge that is adaptive in the absence of substantive knowledge, i.e. without judgment.

Keywords: Judgment; Entrepreneurship; Effectuation; Austrian capital theory; Microfoundations (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (11)

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DOI: 10.1007/s11138-011-0170-4

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