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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*
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

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
Copyright
Copyright © Millennium Economics Ltd 2015 

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