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Title: Toward a theory of entrepreneurial rents: A simulation of the market process
Authors: Keyhani, Mohammad
Lévesque, Moren
Madhok, Anoop
Keywords: Entrepreneurship;Strategy;Austrian Economics
Issue Date: 2-Jan-2014
Publisher: Wiley
Citation: Keyhani, M., Lévesque, M. and Madhok, A. (2014), Toward a theory of entrepreneurial rents: A simulation of the market process. Strat. Mgmt. J.. doi: 10.1002/smj.2203
Abstract: While strategy theory relies heavily on equilibrium theories of economic rents such as Ricardian and monopoly rents, we do not yet have a comprehensive theory of disequilibrium or entrepreneurial rents. We use cooperative game theory to structure computer simulations of the market process in which acts of creation and discovery disequilibrate and equilibrate the market over time. Using simulation experiments, entrepreneurial rents can be isolated from structural rents by keeping initial structural advantages constant. We impute entrepreneurial rents to underlying actions of creation and discovery under various combinations. Our results have relevant implications for entrepreneurship strategy, particularly for firm boundaries and resource allocation decisions.
ISSN: 1097-0266
Appears in Collections:Keyhani, Mohammad

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