An Evolutionary Approach to the Theory of Entrepreneurship
Thomas Grebel (),
Andreas Pyka () and
Horst Hanusch ()
Industry and Innovation, 2003, vol. 10, issue 4, 493-514
An economic model featuring entrepreneurial behaviour is built and tested using simulation techniques. The building blocks of our model are bounded-rational actors with specific sets of endowments: ""entrepreneurial spirit'', human capital, and venture capital. The entrepreneurial behaviour to found a firm is triggered by the individuals' endowments, their social network, and the evaluation of the economic situation. Bandwagon effects occur when high growth rates in emerging markets increase firm entries and firm entries in return increase growth rates until competition unfolds its selective power. The firm's survivability is determined by its founders' endowments and its competitiveness. Whether actors are right or wrong in evaluating their economic situation and their consequent decisions is proven ex post . Thus, there will be winners and losers in this economic system.
References: View complete reference list from CitEc
Citations: View citations in EconPapers (20) Track citations by RSS feed
Downloads: (external link)
Access to full text is restricted to subscribers.
Chapter: An evolutionary approach to the theory of entrepreneurship (2004)
Working Paper: An Evolutionary Approach to the Theory of Entrepreneurship (2001)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:taf:indinn:v:10:y:2003:i:4:p:493-514
Ordering information: This journal article can be ordered from
Access Statistics for this article
Industry and Innovation is currently edited by Associate Professor Mark Lorenzen
More articles in Industry and Innovation from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().