Institutions, uncertainty, and entrepreneurial judgment

2021 ◽  
pp. 1-11
Author(s):  
Claus Wiemann Frølund
Keyword(s):  
Human Interaction ◽  
Knightian Uncertainty ◽  
Entrepreneurial Process ◽  
Course Of Action ◽  
Judgment Process ◽  
Entrepreneurial Action ◽  
The Way

Abstract Entrepreneurial action takes place in a context of Knightian uncertainty. In order to overcome this uncertainty, entrepreneurs engage in a process of judgment resulting in a decision about the course of action. Institutions arise mainly to reduce economic friction by providing structure to human interaction and thus reducing uncertainty. However, institutions may also introduce further uncertainty and thus disrupt the judgment process preceding entrepreneurial action. The present paper builds upon recent efforts to integrate the concepts of uncertainty and institutions within the entrepreneurial context. Drawing on Frank H. Knight's seminal insight, the judgment-based view of entrepreneurship, and relevant concepts of entrepreneurial outcomes, the main contribution of the paper lies in the development of a model offering a coherent description of the way institutions affect uncertainty and the entrepreneurial process.

scholarly journals Thermodynamics Expression in Action within Entrepreneurial Process

2021 ◽  
Author(s):  
David Leong
Keyword(s):  
Social Constructionist ◽  
Invisible Hand ◽  
Imperfect Markets ◽  
Unified Theory ◽  
Entrepreneurial Process ◽  
Physical Systems ◽  
Naturally Occurring ◽  
Energy Gradient ◽  
Process View ◽  
Entrepreneurial Action

<div> <div> <div> <p>Up until now, entrepreneurship study has not developed a unified theory with key concepts that can elucidate the holistically process-driven characteristics of entrepreneurial venturing. What spur entrepreneurs to action along the process-driven pathway? This paper intends to relate the business of entrepreneurship and entrepreneurial actions and activities to thermodynamic and energy gradient-manipulation mechanism. Taking entrepreneurial venturing from a process view and in an attempt to reconstruct the entrepreneurial process by illustrating a range of relevant perspectives from energy gradients in naturally occurring chemical , biological and physical systems basing on interpretive and phenomenological, social constructionist angle; this paper hopes to pull together a unifying theory on action-based activities in entrepreneurial venturing with thermodynamic concepts and expressions with gradient-manipulation mechanism to explain the entrepreneurial action-motion phenomena. The gradient-manipulating mechanism and thermodynamic expressions thus become the “nature” invisible hand that operates the motion of actions. Kirzner’s theory of entrepreneurship explains the coordination of markets and of knowledge. It is that knowledge, the recognition of the opportunities in the actual imperfect markets that triggers the gradient-manipulation mechanism. </p> </div> </div> </div>

scholarly journals Conflicts as Constraints to Effective Management of Tertiary Institutions in Nigeria: The Way Forward

2013 ◽  
Vol 14 ◽  
pp. 45-52 ◽  
Author(s):  
Adoga James Ada
Keyword(s):  
Conflict Management ◽  
School Environment ◽  
Trade Unions ◽  
Human Interaction ◽  
Effective Management ◽  
Tertiary Institutions ◽  
Academic Activities ◽  
Management Staff ◽  
Higher Institutions ◽  
The Way

This study examines the concepts of conflict and constraints and their antecedents in tertiary institutions in Nigeria. It makes a clarification of causes, and types and conflict management in higher institutions of learning. The paper observes that management staff, students, teachers, government. Trade Unions may be sources of conflict for one reason or the other. Nevertheless, the outcomes of such conflicts causes prolong of academic activities, destruction of life and properties and in some cases render school environment completely insecure for serious academic activities not beneficial to students, institutions and the society at large. It recommends that the way forward should be proper handling of higher institutions by management and government to be more democratic in handling conflicts by creating avenues for discussing and designing. The paper concludes that conflict is an attendant feature of human interaction in every organization which cannot be eliminated, therefore, maintaining a cordial relationship between staff, students by school authority, is necessary, also involving students and trade unions in decision making process appeared to be the most effective way forward for effective management of tertiary institutions.

Nature and Nidification

2020 ◽  
pp. 122-149
Author(s):  
Thomas P. Hodge
Keyword(s):  
Natural Environment ◽  
Human Interaction ◽  
Forest Belt ◽  
Balance Beam ◽  
Literary Device ◽  
The Way

This chapter traces Ivan Turgenev's venatically informed exploitation of natural elements in the fiction he created during the ten years that followed his intimate involvement with Sergei Aksakov's work: nature illuminates the aspiration, fear, victimization, and frustrated love that suffuse these texts. The story “Journey to the Forest-Belt” and novels Rudin and A Gentry Nest are the chief focus of the chapter. The chapter describes “Journey to the Forest-Belt,” one of Turgenev's most powerful explorations of the human interaction with the natural environment, as a transitional work that looked back at the last-written Notes of a Hunter stories and forward to his post-Aksakovian techniques. It discusses the three meanings of the koromyslo as a literary device: first as dragonflies, second as the way females bend the abdomen when males approach if the females are not ready to mate, and third as the balance beam of a traditional beam scale.

Replicating Human Interaction to Support E-Learning

2006 ◽  
pp. 494-503
Author(s):  
William A. Janvier ◽  
Claude Ghaoui
Keyword(s):  
Learning Styles ◽  
Text Messaging ◽  
Learning Experience ◽  
Human Interaction ◽  
Learning Tools ◽  
Tutoring Systems ◽  
Language Patterns ◽  
E Learning ◽  
Communication Preference ◽  
The Way

HCI-related subjects need to be considered to make e-learning more effective; examples of such subjects are: psychology, sociology, cognitive science, ergonomics, computer science, software engineering, users, design, usability evaluation, learning styles, teaching styles, communication preference, personality types, and neuro-linguistic programming language patterns. This article discusses the way some components of HI can be introduced to increase the effectiveness of e-learning by using an intuitive interactive e-learning tool that incorporates communication preference (CP), specific learning styles (LS), neurolinguistic programming (NLP) language patterns, and subliminal text messaging. The article starts by looking at the current state of distance learning tools (DLTs), intelligent tutoring systems (ITS) and “the way we learn”. It then discusses HI and shows how this was implemented to enhance the learning experience.

Atonement and Reconciliation

1992 ◽  
Vol 28 (4) ◽  
pp. 435-452 ◽  
Author(s):  
Vincent Brümmer
Keyword(s):  
English Word ◽  
Relationship With God ◽  
Presence Of God ◽  
Course Of Action ◽  
Current Usage ◽  
Religious Issue ◽  
The Right ◽  
The Relationship ◽  
The Way

Religious believers understand the meaning of their lives in the light of the way in which they are related to God. Life is significant because it is lived in the presence of God, and ultimate bliss consists in being in the right relation with God. Through sin, however, our relationship with God has been drastically disrupted. The fundamental religious issue which we all have to face, therefore, is how this relationship can be restored. How can we attain ultimate bliss by being reconciled with God? Basically, this is the issue with which the doctrine of atonement has to deal:The English word ‘atonement’ is derived from the words ‘at-one-ment’, to make two parties at one, to reconcile two parties one to another. It means essentially reconciliation… In current usage, the phrase ‘to atone for’ means the undertaking of a course of action designed to undo the consequences of a wrong act with a view to the restoration of the relationship broken by the wrong act.

Concentrated Work Scheduling: Enabling and Constraining Aspects0

1989 ◽  
Vol 32 (1) ◽  
pp. 47-64 ◽  
Author(s):  
Robert Gramling
Keyword(s):  
Management Strategy ◽  
Human Interaction ◽  
Time And Space ◽  
Long Distance ◽  
Space Management ◽  
Work Related ◽  
Active Elements ◽  
Time Space ◽  
Work Scheduling ◽  
The Way

Utilizing time and space as active elements in human interaction, this article examines an emerging occupational phenomenon, concentrated work scheduling, which is often coupled with long-distance commuting. The analysis concentrates on the way in which this particular time/space management strategy enables and constrains work related activities for individuals, corporations and planning agencies.

Globalization, Culture and E-Business

2011 ◽  
pp. 1-16 ◽  
Author(s):  
Brian J. Corbitt
Keyword(s):  
Cultural Practices ◽  
World View ◽  
Business Development ◽  
Human Interaction ◽  
Economic Environment ◽  
Electronic Business ◽  
It Impacts ◽  
The World ◽  
World Economic ◽  
The Way

This chapter is concerned with the way globalization, culture and e-business are interacting in the world economic environment to produce globalized trade and expansion of e-business not only across nations, but between organizations and across organizations internationally. This chapter is also concerned with the nature of globalization and gaining an understanding of what globalization means in various cultures. It will produce an understanding of why globalization is important in understanding e-business, how it impacts on e-business and how it has supported and promoted the changing nature of trade across the world. This chapter will also address why understanding culture is important in the e-business realm. Electronic business cannot be isolated from the cultures in that it works. While there is a tendency towards a world view, or globalized view, of the nature of e-business, the managerial factors and human interaction within e-business are imbued with cultural practices that challenge any sense of uniformity or heterogeneity. We will also be concerned with how e-business development is related to the expansion of globalization thinking and of the way that we are changing our worldview as a whole.

Self-Uncertainty as Self-Realization

2017 ◽  
Author(s):  
Paul A. Kottman
Keyword(s):  
Social Bonds ◽  
Central Issue ◽  
Practical Identity ◽  
Course Of Action ◽  
The Social ◽  
Two Sides ◽  
Ways Of Life ◽  
The Way

A central issue in Hamlet is Hamlet’s attempt to live his life as his—his efforts at discerning a course of action that amounts to “leading” a life, rather than just suffering it. Shakespeare’s play addresses Hamlet’s difficulty in doing this, from two sides. First, Hamlet is framed by the breakdown of the social bonds on which the protagonists depend for the meaning and worth of their lives together. The play shows these bonds to be dissolvable. Second, Hamlet’s predicament does not leave us with a desperate nihilism. On the contrary, the play shows how the meaning of a life as individually lived is best gauged by the way it “bears up” under the collapse of traditional, inherited ways of life. Hamlet is what the testing of a new, radically uncertain practical identity looks like. He cultivates an abiding uncertainty about who he might become, as a mode of self-realization.

Course of Action Utilitarianism

1979 ◽  
Vol 9 (4) ◽  
pp. 671-684
Author(s):  
Eric B. Dayton
Keyword(s):  
Simple Fact ◽  
Course Of Action ◽  
Act Utilitarianism ◽  
Individual Actions ◽  
The Way

The way individual actions enter into larger courses of action often has an effect on the utility of those individual actions. This simple fact has motivated recent discussions about the intelligibility of act-utilitarianism. (See [1], [2], [4], [5], [6], [7], [10] and [11].) It has become clear that act-utilitarianism is incomplete, if not intelligible, without an account of the utility-making properties of courses of action taken as a whole. In this paper I offer a brief discussion of the difficulties of a simple act-utilitarianism and then offer three complementary principles in which the utility of an action is made to depend upon the courses of action of which it may be a constituent. I hope that the discussion will be of interest not only to committed act-utilitarians but to its sympathetic critics as well.

Entrepreneurship in teleology: the variety of the forms

2009 ◽  
Vol 15 (2) ◽  
pp. 209-231 ◽  
Author(s):  
Ioannis N. Katsikis ◽  
Lida P. Kyrgidou
Keyword(s):  
Critical Review ◽  
Design Methodology ◽  
Opportunity Identification ◽  
Entrepreneurial Process ◽  
Content Type ◽  
Definition Of ◽  
The Way

PurposeThe purpose of the paper is to define a range of entrepreneurial concepts and provide a critical review of their content in order to map the forms of the entrepreneurial actions within their teleological context.Design/methodology/approachBased on the authors' definition of teleology as the process of heading towards an end, entrepreneurship was categorized into a three‐item typology, namely subject, process and object. The latter served as a platform for the analysis, which reveals some key qualities about research in entrepreneurship.FindingsThe paper provides a categorization of entrepreneurship both at the distinction (subject, process, object) and the contextual level and the commonalities and differences among entrepreneurship's different teleological approaches are analyzed and the potential is offered for further avenues of research to emerge. Additionally, it is demonstrated that the teleological approaches represent distinct approaches to interpret diverse aspects of the entrepreneurial phenomenon and provide insights into the way in which the entrepreneurial process itself unfolds.Originality/valueThe paper provides an innovative categorization of entrepreneurship as subject, process and object while discussing a variety of various entrepreneurial forms through their teleological nature within each of the three categories. The paper is valuable to scholars seeking to further advance their understanding in the various fields of entrepreneurship, understand the function of the particular set of activities to be undertaken, the role of particular individuals/agents involved in the entrepreneurial process, the opportunity identification/exploitation process as well as the particular objective that each entrepreneurial form aims at fulfilling.

Sign in / Sign up

Export Citation Format

Share Document