Thomas Grebel, Andreas Pyka, Horst Hanusch
An Evolutionary Approach to the Theory of Entrepreneurship
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 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 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.
JEL: O3, M13
Paper:
Paper available as pdf-file.
Beitrag Nr. 206, Volkswirtschaftliche Diskussionsreihe, Institut für
Volkswirtschaftslehre der Universität Augsburg
Contact:
Thomas
Grebel, University of Augsburg, Department of Economics, Universitätsstr.
16, D-86135 Augsburg, Phone +49-821-598-4179; Fax +49-821-598-4229
E-Mail: thomas.grebel@wiwi.uni-augsburg.de
Andreas
Pyka, University of Augsburg, Department of Economics,
Universitätsstr. 16, D-86159 Augsburg, Phone +49-821-598-4179, Fax
+49-821-598-4229
Horst
Hanusch, University of Augsburg, Department of Economics, Universitätsstr.
16, D-86159 Augsburg, Phone +49-821-598-4179; Fax +49-821-598-4229
E-Mail: horst.hanusch@wiwi.uni-augsburg.de
v.
K., 26.07.2001