An Evolutionary Approach to the Theory of Entrepreneurship

Thomas Grebel, Andreas Pyka and Horst Hanusch ()
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Horst Hanusch: University of Augsburg, Department of Economics

No 206, Discussion Paper Series from Universitaet Augsburg, Institute for Economics

Abstract: The building blocks of our model are bounded-rational actors with specific sets of endowments: 'entrepreneurial spirit', human capital and venture capital. The entrepreneurial behavior to founda firm is triggered by the individuals' endowments, their social network and the evaluation of theeconomic 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 firms' survivability is determined by its founders endowments and its competitiveness. If 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.

Keywords: entrepreneurship; human capital; venture capital; social networks; evolutionary economics; swarms of innovations (search for similar items in EconPapers)
JEL-codes: M13 O3 (search for similar items in EconPapers)
Date: 2001-07
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (15)

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https://opus.bibliothek.uni-augsburg.de/opus4/files/71257/206.pdf (application/pdf)

Related works:
Chapter: An evolutionary approach to the theory of entrepreneurship (2004)
Journal Article: An Evolutionary Approach to the Theory of Entrepreneurship (2003)
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Persistent link: https://EconPapers.repec.org/RePEc:aug:augsbe:0206

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