42,645 research outputs found

    Legitimacy, Interest Group Pressures and Change in Emergent Institutions: The Case of Foreign Investors and Host Country Governments

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    We offer a simple model of policymaking emphasizing socialization and limits on human cognition to explicate mechanisms of change in emergent (as opposed to established) institutions. Emergent institutions are more susceptible to change, and their opponents may use frames or existing reference points to illustrate inconsistency with prevailing notions of legitimacy. Broader institutional structures and specific organizational characteristics moderate pressure for change. This perspective has novel implications for strategy and policy design.

    Profit Maximization, Industry Structure, and Competition: A critique of neoclassical theory

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    Neoclassical economics has two theories of competition between profit-maximizing firms (Marshallian and Cournot-Nash) that start from different premises about the degree of strategic interaction between firms, yet reach the same result, that market price falls as the number of firms in an industry increases. The Marshallian argument is strictly false. We integrate the different premises, and establish that the optimal level of strategic interaction between competing firms is zero. Simulations support our analysis and reveal intriguing emergent behaviors.Comment: Accepted for Physica

    The Two Faces Of Emergence In Economics

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    An emergence perspective on entrepreneurship: processes, structure and methodology

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    This paper explores entrepreneurship from the perspective of emergence, drawing on literature in complexity theory, social theory and entrepreneurship. Entrepreneurship is conceptualised as the production of emergence, or emergent properties, via a simple model of initial conditions, processes of emergence that produces emergent properties at multiple levels (new phenomena such as products, services, firms, networks, patterns of behaviour, identities). Conceptualisation through emergence thus embraces actors, context, processes and (structural) outcomes. This paper builds on previous work that theorises the relationship between entrepreneurship and social change. We extend that work by considering the methodological implications of relating processes of entrepreneurship to the emergence of new phenomena

    Adaptive microfoundations for emergent macroeconomics

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    In this paper we present the basics of a research program aimed at providing microfoundations to macroeconomic theory on the basis of computational agentbased adaptive descriptions of individual behavior. To exemplify our proposal, a simple prototype model of decentralized multi-market transactions is offered. We show that a very simple agent-based computational laboratory can challenge more structured dynamic stochastic general equilibrium models in mimicking comovements over the business cycle.Microfoundations of macroeconomics, Agent-based economics, Adaptive behavior

    Creating New Ventures: A review and research agenda

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    Creating new ventures is one of the most central topics to entrepreneurship and is a critical step from which many theories of management, organizational behavior, and strategic management build. Therefore, this review and proposed research agenda is not only relevant to entrepreneurship scholars but also other management scholars who wish to challenge some of the implicit assumptions of their current streams of research and extend the boundaries of their current theories to earlier in the organization’s life. Given that the last systematic review of the topic was published 16 years ago, and that the topic has evolved rapidly over this time, an overview and research outlook are long overdue. From our review, we inductively generated ten sub-topics: (1) Lead founder, (2) Founding team, (3) Social relationships, (4) Cognitions, (5) Emergent organizing, (6) New venture strategy, (7) Organizational emergence, (8) New venture legitimacy, (9) Founder exit, and (10) Entrepreneurial environment. These sub-topics are then organized into three major stages of the entrepreneurial process—co-creating, organizing, and performing. Together, the framework provides a cohesive story of the past and a road map for future research on creating new ventures, focusing on the links connecting these sub-topics

    Creative methodologies for understanding a creative industry

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    The chapter presents a conceptual framework for the identification and analysis of value creating and value capture systems within creative industry contexts based on theoretical and empirical studies. It provides a ‘digital economy’ perspective of the creative industries as a micro-level example of a wider analytical problem, which is how society changes itself. The increasing level of innovation and creativity produces greater levels of instability in social structures (habits, norms etc.) Completely new industries can arise (and ‘creatively’ destroy old ones) as new stabilised patterns form, particularly where entry costs are tumbling, such as digital milieu. Observations of workshops over several days with creative groups, interviews with creative enterprises, literature reviews on creative industries, business models and value systems have informed the analysis and conceptualisation. As a result we present a conceptual framework that we suggest can capture how novelty arises as emergent order over time. We have extended previous work that investigates the significance of emergence in theorising entrepreneurship into an exploration of how to articulate the creation and flow of value and effective ontology in a creative landscape. In the digital economy, the creative industries revolve around dynamic, innovative and often unorthodox collaborations, whereby numerous large, small and micro-businesses come together for the duration of a project, then disband and form new partnerships for the next project. Research designs must therefore address multiple contexts and levels presenting an analytical challenge to researchers. Methodologically, we suggest that the framework has analytical potential to support the collection of data: ordering and categorising empirical observations concerning how different phenomena emerge over time across multiple levels of analysis and contexts. Conceptually, the work broadens the notions of ‘business model’ to consider value creating systems and particular states reached by those systems in their evolution. The work contributes new concepts for researchers in this field and a wider framework for practitioners and policy makers
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