The Use of Knowledge in Society

Hayek, Frederick A.

doi:10.1016/b978-0-7506-9749-1.50005-3

Cited by 2,342 publications

(1,382 citation statements)

References 0 publications

Supporting

Mentioning

1,310

Contrasting

Unclassified

Order By: Relevance

“…The theoretical foundations for the use of prices in VSMs for forecasting future market developments are the efficient market hypothesis and the Hayek hypothesis (Fama 1970(Fama , 1991Hayek 1945). The efficient market hypothesis is a state description: A market is efficient if all available information is always fully reflected in the prices (Fama 1970).…”

Section: Fundamental Concepts and Theoretical Foundations Of Virtualmentioning

confidence: 99%

“…The rationale for why the trading mechanism of a VSM should aggregate and display individual assessments in stock prices; that is, be efficient, is based upon the so-called Hayek hypothesis. It states that the price mechanism on a competitive market is the most efficient instrument to aggregate the asymmetrically dispersed information of market participants (Hayek 1945, Smith 1982. Because individual assessments are tradable via shares of virtual stocks in a VSM, VSMs create a market for the prediction of a future market situation in which the participants compete on the basis of their individual assessments.…”

Section: Fundamental Concepts and Theoretical Foundations Of Virtualmentioning

confidence: 99%

See 1 more Smart Citation

Internet-Based Virtual Stock Markets for Business Forecasting

2003

View full text Add to dashboard Cite

T he application of Internet-based virtual stock markets (VSMs) is an additional approach that can be used to predict short-and medium-term market developments. The basic concept involves bringing a group of participants together via the Internet and allowing them to trade shares of virtual stocks. These stocks represent a bet on the outcome of future market situations, and their value depends on the realization of these market situations. In this process, a VSM elicits and aggregates the assessments of its participants concerning future market developments. The aim of this article is to evaluate the potential use and the different design possibilities as well as the forecast accuracy and performance of VSMs compared to expert predictions for their application to business forecasting. After introducing the basic idea of using VSMs for business forecasting, we discuss the different design possibilities for such VSMs. In three real-world applications, we analyze the feasibility and forecast accuracy of VSMs, compare the performance of VSMs to expert predictions, and propose a new validity test for VSM forecasts. Finally, we draw conclusions and provide suggestions for future research.

show abstract

Section: Fundamental Concepts and Theoretical Foundations Of Virtualmentioning

confidence: 99%

Section: Fundamental Concepts and Theoretical Foundations Of Virtualmentioning

confidence: 99%

Internet-Based Virtual Stock Markets for Business Forecasting

2003

View full text Add to dashboard Cite

show abstract

“…Eide påpeker også at selv om pedagogisk entreprenørskap betyr sterk vektlegging av elevens laering, kan det ikke frikobles fra entreprenørskapsteori. Konkret, praktisk bedrifts-og markedsforståelse er en underliggende premiss for fagfeltet (Hayek, 1945).…”

Section: Innledningunclassified

«En fugl i hånden … kan begynne noe»

Brøgger

Jevnaker

2018

Uniped

View full text Add to dashboard Cite

SAMMENDRAGArtikkelen retter søkelyset mot utvikling av utdanning i entreprenørskap ved en norsk handelshøyskole. Artikkelen har en eksplorativ form og drøfter noen grep som ble tatt for å utvikle entreprenørskapsprogrammer på Handelshøyskolen BI. Tema for drøftingen er pedagogisk entreprenørskap i et gradsgivende studieprogram. Vi har studert utviklingen over tid i én kontekst sett fra spesielt faglaereres engasjement og handlinger. Vi redegjør også for samspillet med eksterne samarbeidspartnere på ulike tidspunkter. Vi forstår utviklingen som et resultat av «effektuering», en «man tager hva man haver»-tilnaerming, fordi det var slik den foregikk i praksis. Entreprenørskapsutdanning foregår ikke bare i klasserom, men like gjerne i inkubatorer og tettere integrert i økonomiske økosystemer enn det som er vanlig ved akademiske gradsgivende programmer. Dermed er det større behov for samarbeid enn når en akademisk institusjon har tilnaermet monopol på å bestemme utdanningens innhold og form. I artikkelen identifiserer vi tre suksesskriterier for pedagogisk entreprenørskap i et gradsgivende studieprogram: institusjonelle koblinger til eksterne parter, praksis i klasserommet og balanse mellom statiske kvalitetskrav og aktive studenter.Nøkkelord pedagogisk entreprenørskap, effektuering, samarbeid, høyere utdanning, entreprenør-skapsutdanning ABSTRACT This article brings into focus the development of education in entrepreneurship at a Norwegian business school. The article has an exploratory form and discusses some measures

show abstract

“…Previous research borrows the assumption from economics that if customer benefits are identified, mediators must have gained more benefits and shared them with their customers, (Petersen and Rajan 1994, 1995, Uzzi 1999. To the extent that banks process information pertinent to the success or failure of customers embedded in a system of fragmented distributed knowledge, (von Hayek 1945) and in which information about vertically related activities is a source of uncertainty reduction, (Arrow 1975) customer-set connectedness is expected to impact the extent of bank loss. The performance duality (Breiger 1974) of affiliated organizations and mediators implies that properties of the affiliated network should impact bank performance as well as affiliated organization performance.…”

Section: Hypothesis 2 the Greater The Bank's Specialization In A Cusmentioning

confidence: 99%

“…1 Banks operate in the presence of inherent information asymmetry in their relationship to customers and must seek broadly on behalf of the collective of customers to overcome informational hazards that hinder exchange in the individual relationship. Banks process information pertinent to success or failure of customers embedded in a system of fragmented distributed knowledge (von Hayek 1945). Banks approach problematic loans by liquidating assets either pre-bankruptcy, severing customer relationships or re-negotiating loan contracts (Sinkey 1989).…”

Section: Insert Figure 1 Herementioning

confidence: 99%

Exploring Mediators: Effects of the Composition of Organizational Affiliation on Organization Survival and Mediator Performance

Sasson

2008

Organization Science

View full text Add to dashboard Cite

Market mediation literature has been taking primarily a triadic view in studying the role and impact of mediators, actors that occupy a middle position, on supply and demand conditions in markets. Mediating organizations facilitate exchange relationship on continuous basis between multiple networks of interdependent affiliated actors. An affiliation structure gives rise to the property of duality whereby the behavior and performance of the affiliates affect the behavior and performance of mediators and vice versa. In the context of the banking industry, this study examines how the structural properties of the underlying network of affiliated organizations affect the survival of affiliated organizations and the performance of mediating organizations. The results show that firms that are affiliated with mediating organizations having high customer-set connectedness or with those that are industry specialists increase their chances of survival. Furthermore, mediating organizations having high customer-set connectedness experience lower loan loss than peripheral ones. The study contributes to organizational studies by incorporating a network view to the predominately triadic market mediation literature, explicating the determinants of the effectiveness by which mediating services are rendered, and suggesting new sources of competitive advantage that advance as well as complement established explanations. Implications for the network perspective, organizational technology and the economic theory of the banking firm, as well as firm and mediator management are considered.

show abstract

The Use of Knowledge in Society

Cited by 2,342 publications

References 0 publications

Internet-Based Virtual Stock Markets for Business Forecasting

Internet-Based Virtual Stock Markets for Business Forecasting

«En fugl i hånden … kan begynne noe»

Exploring Mediators: Effects of the Composition of Organizational Affiliation on Organization Survival and Mediator Performance

Contact Info

Product

Resources

About