Introduction

Rassoul Yazdipour ()
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Rassoul Yazdipour: California State University

Chapter Chapter 1 in Advances in Entrepreneurial Finance, 2011, pp 1-8 from Springer

Abstract: Abstract I ran across Baumol’s famous statement as brought in above for the very first time almost 25 years ago. That thought not only stayed with me over the years, but it probably, and possibly subconsciously, might have even helped trigger the launching­ of the Academy of Entrepreneurial Finance 3 years later and the publication of the Advances in Small Business Finance (Yazdipour 1991) around the same time. So Baumol’s point was a natural opener for this section; except for the fact that given the subtitle of the book – behavioral finance – it needed some added element. For this, I visited NASA’s Knowledge Management site to see if I could improve upon the quotation; and there I saw Alan Kay’s “It’s the people, stupid.” But that was telling the same thing except for saying it more emphatically. Then I remembered Herbert A. Simon’s characterization of the version of economic rationality that he refers to as the Olympian model and then goes on to define it as a model that “… serves, perhaps, as a model of the mind of …, but certainly not as a model of the mind of man” (Simon 1983). And that is exactly what I was looking for: economic rationality does not serve as a model of the mind of man!

Keywords: Venture Capitalist; Agency Theory; Prospect Theory; Venture Capital Investment; Internal Revenue Service (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-1-4419-7527-0_1

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DOI: 10.1007/978-1-4419-7527-0_1

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