Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/70016
Authors: 
Grebel, Thomas
Pyka, Andreas
Hanusch, Horst
Year of Publication: 
2001
Series/Report no.: 
Volkswirtschaftliche Diskussionsreihe, Institut für Volkswirtschaftslehre der Universität Augsburg 206
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.
Subjects: 
Entrepreneurship
human capital
venture capital
social networks
evolutionary economics
swarms of innovations
JEL: 
O3
M13
Document Type: 
Working Paper

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