An introduction to formal models of entrepreneurship

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Chapter 6 in Entrepreneurship and the Market Economy, 2024, pp 119-146 from Edward Elgar Publishing

Abstract: This chapter introduces a novel theory of entrepreneurship involving a price-making entrepreneur who intermediates between a group of consumers and a producer of a novel product in a specific segment of a market. The entrepreneur identifies a demand for the novel product that everyone else has overlooked. They contact potential customers and potential producers, none of whom have direct contact with each other. The entrepreneur buys from the producers at a wholesale price and re-sells to the customers at a retail price. The model is applied in the context of an Edgeworth Box, and in the context of comparative advantage in international trade. The solutions are derived using geometrical methods.

Keywords: Business and Management; Economics and Finance (search for similar items in EconPapers)
Date: 2024
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