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Introduction to a forum on the judgment-based approach to entrepreneurship: accomplishments, challenges, new directions

Published online by Cambridge University Press:  29 April 2015

NICOLAI J. FOSS  and
PETER G. KLEIN
NICOLAI J. FOSS*
Affiliation:
Copenhagen Business School, Department of Strategic Management and Globalization, Copenhagen, Denmark, and Norwegian School of Economics, Department of Strategy and Management, Bergen, Norway
PETER G. KLEIN*
Affiliation:
University of Missouri, Division of Applied Social Sciences, Columbia, Missouri, USA, and Norwegian School of Economics, Department of Strategy and Management, Bergen, Norway
*
*Email: njf.smg@cbs.dk
**Email: pklein@missouri.edu
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Abstract

Over the last three decades entrepreneurship has become a hot topic in economics and management. Much of the entrepreneurship research literature has built upon insights of economists such as Schumpeter, Knight, and Kirzner, each of whom has inspired a distinct strand of entrepreneurship theory and application. Schumpeterian innovation and Kirznerian alertness are the best-known concepts of entrepreneurship, but a newer research stream is building on Knight's idea of entrepreneurship as judgmental decision-making under uncertainty. What we call the judgment-based view models entrepreneurs as owning, controlling, and combining heterogeneous assets, which differ in their attributes, and deploying these assets within a firm to produce goods and services in anticipation of economic profit. This Forum presents three papers that develop, extend, and challenge the judgment-based view of entrepreneurship, focusing on the foundations of judgment, the processes of entrepreneurial resource assembly, and the relationship between the judgment-based view and other theories of economic organization.

Type
A forum on the judgment-based approach to entrepreneurship
Information
Journal of Institutional Economics , Volume 11 , Issue 3 , September 2015 , pp. 585 - 599
Copyright
Copyright © Millennium Economics Ltd 2015 

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