Frank Knight on Risk, Uncertainty, and the Firm: A New Interpretation

Langlois, Richard N.; Coşgel, Metin M.

doi:10.1111/j.1465-7295.1993.tb01305.x

Cited by 254 publications

(140 citation statements)

References 17 publications

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“…The entrepreneurial function has been characterized in various ways: judgment (Cantillon, 1755;Knight, 1921;Casson, 1982;Langlois and Cosgel, 1993;Foss and Klein, 2005), innovation (Schumpeter, 1911), adaptation (Schultz, 1975(Schultz, , 1980, alertness (Kirzner, 1973(Kirzner, , 1979(Kirzner, , 1992, and coordination (Witt 1998a(Witt , 1998b(Witt , 2003. In each case, these functional concepts of entrepreneurship are largely independent of occupational and structural concepts.…”

Section: Entrepreneurship: Occupational Structural and Functional Pmentioning

confidence: 99%

Opportunity discovery, entrepreneurial action, and economic organization

Klein

2008

Strategic Entrepreneurship

431

326

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Mechanisms for the formation and disappearance of the crack‐like pores generated during the early stage of Al foaming are investigated. A model for their disappearance process is proposed for the first time. The stress, perpendicular to the compaction direction in uniaxial cold compaction, is caused by the interaction of the Al powder under a high compaction pressure and is the main reason for the formation of the crack‐like pores. The results of the model analysis and theoretical calculations suggest that the pressure difference ΔP between the initial, round bubbles and the crack‐like pores is the driving force for their disappearance. The rapid reduction of ΔP is attributed to the decomposition characteristics of the TiH2 powder.

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Section: Entrepreneurship: Occupational Structural and Functional Pmentioning

confidence: 99%

Opportunity discovery, entrepreneurial action, and economic organization

Klein

2008

Strategic Entrepreneurship

431

326

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“…To simplify this discussion, ambiguity is treated as a special case of uncertainty in this paper. Gartner, 1985;Langlois and Cosgel, 1993;Loasby, 2002;Sarasvathy, 2001;Schumpeter, 1934). However, unlike discovery theory, creation theory has yet to be articulated as a single coherent theory in the literature.…”

Section: Creation Theorymentioning

confidence: 99%

Discovery and creation: alternative theories of entrepreneurial action

Alvarez

Barney

2007

Strategic Entrepreneurship

1,503

474

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Do entrepreneurial opportunities exist, independent of the perceptions of entrepreneurs, just waiting to be discovered? Or, are these opportunities created by the actions of entrepreneurs? Two internally consistent theories of how entrepreneurial opportunities are formed-discovery theory and creation theory-are described. While it will always be possible to describe the formation of a particular opportunity as an example of a discovery or creation process, these two theories do have important implications for the effectiveness of a wide variety of entrepreneurial actions in different contexts. The implications of these theories for seven of these actions are described, along with a discussion of some of the broader theoretical implications of these two theories for the fields of entrepreneurship and strategic management Keywords: entrepreneurship theory; opportunity creation; opportunity discovery; uncertainty. ORGANIZAÇÕES EM CONTEXTOOrganizações em contexto, Ano 3, n. 6, dezembro 2007 124 RESUMOAs oportunidades empreendedoras existem independentemente das percepções dos empreendedores, esperando apenas para serem descobertas? Ou essas oportunidades são criadas pelas ações dos empreendedores? Duas teorias, internamente consistentes com as oportunidades empreendedoras, são: a da criação e a da descoberta -as quais serão descritas. Enquanto for sempre possível descrever a formação de uma oportunidade particular, como exemplo, de um processo da descoberta ou da criação de oportunidade, essas duas teorias terão implicações importantes para a eficácia de ampla variedade de ações empreendedoras em contextos diferentes. As implicações dessas teorias para sete dessas ações serão descritas, acompanhadas de discussão sobre algumas das implicações teóricas mais amplas para os campos do empreendimento e do gerenciamento estratégico. Palavras-chave: teoria do empreendimento; criação da oportunidade; descoberta da oportunidade; incerteza.

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“…It is because no such market exists that she has to hire herself by starting a firm. In the recent literature on theories of the firm, several scholars have sought to clarify the distinctive characteristics of an original Knightian theory of the firm (Langlois and Cosgel, 1993;Boudreaux andHolcombe, 1989, Foss, 1993). 15 In summary form, the argument runs as follows.…”

Section: Market For the Entrepreneur's Servicesmentioning

confidence: 99%