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| Author: | Endres, A.M. Woods, C.R. |
| Title: | Modern theories of entrepreneurial behavior: A comparison and appraisal |
| Journal: | Small business economics
2006 : MAR, VOL. 26:2, p. 189-202 |
| Index terms: | entrepreneurship decision making theories |
| Language: | eng |
| Abstract: | In the paper, compared and appraised are three principal, contemporary theories of entrepreneurial (hereafter as: e-pren...) decision making, that is, neoclassical, Austrian and behavioural (as: beh-al.) theories. Considered are theories treating sequences of behaviour (as: beh.) by which individual e-preneurs reach decisions on two levels: the discovery of profit opportunities and their exploitation. It also considered how each theory characterizes the e-preneur's decision making process by contrast with the posited beh. of other economic agents. There are strong theoretical complementarities btw. Austrian and beh-al. approaches. Both of them value descriptive accuracy, though the behaviouralists (as: beh-s.) place more weight on operational tractability. Austrians and beh-s. share an interest in heuristics; they emphasize the role of prior micro-level knowledge at the discovery stage. Therefore more collaborative research btw. Austrians and beh-s. should prove fruitful. |
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