Original and Derived Judgment An Entrepreneurial Theory of Economic Organization

Recent work links entrepreneurship to the economic theory of firm using the Knightian concept of entrepreneurship as judgment. When judgment is complementary to other assets, and these assets or their services are traded in well-functioning markets, it makes sense for entrepreneurs to hire labor and own assets. The entrepreneur’s role, then, is to arrange or organize the human and capital assets under his control. We extend this Knightian concept of the firm by developing a theory of delegation under Knightian uncertainty. What we call original judgment belongs exclusively to owners, but owners may delegate a wide range of decision rights to subordinates, who exercise derived judgment. We call these employees “proxy-entrepreneurs,” and ask how the firm’s organizational structure — its formal and informal systems of rewards and punishments, rules for settling disputes and renegotiating agreements, means of evaluating performance, and so on — can be designed to encourage forms of proxy-entrepreneurship that increase firm value while discouraging actions that destroy value. Building on key ideas from the entrepreneurship literature, Austrian economics, and the economic theory of the firm we develop a framework for analyzing the tradeoff between productive and destructive proxy-entrepreneurship. We link this analysis to the employment relation and ownership structure, providing new insights into these and related issues in the economic theory of the firm.Judgment, entrepreneur, delegation, employment relation, ownership

Heterogeneous Capital, Entrepreneurship, and Economic Organization

We outline an Austrian approach to economic organization based on the entrepreneur and the Austrian idea of capital as heterogeneous and time-dimensioned, tow themes associated with Israel Kirzner's contributions. We provide a novel interpretation of capital heterogeneity based on the notion of attributes, argue that attributes are costly to measure and that this links directly to the theory of economic organization. In particular, we develop insights in economic organization based on the notion that entrepreneurs will often have to experiment with capital assets to gauge the value of these assets when deployed in production.Austrian Economics, capital, knowledge

Rectangular configuration improves superconducting cable

Superconducting cable for a cryogenic electromagnet with improved mechanical and thermal properties consists of a rectangular cross-sectioned combination of superconductor and normal conductor. The conductor cable has superconductors embedded in a metallic coating with high electrical and mechanical conductivity at liquid helium temperatures

Transforming a linear module into an adaptive one : tackling the challenge

Every learner is fundamentally different. However, few courses are delivered in a way that is tailored to the specific needs of each student. Delivery systems for adaptive educational hypermedia have been extensively researched and found promising. Still, authoring of adaptive courses remains a challenge. In prior research, we have built an adaptive hypermedia authoring system, MOT3.0. The main focus was on enhancing the type of functionality that allows the non-technical author, to efficiently and effectively use such a tool. Here we show how teachers can start from existing course material and transform it into an adaptive course, catering for various learners. We also show how this apparent simplicity still allows for building of flexible and complex adaptation, and describe an evaluation with course authors

Entrepreneurshoip and the Economic Theory of the Firm Any Gains from Trade?

Although they have developed very much in isolation from each other, we argue the theory of entrepreneurship and the economic theory of the firm are closely related, and each has much to learn from the other. In particular, the notion of entrepreneurship as judgment associated with Frank Knight and some Austrian school economists aligns naturally with the theory of the firm. In this perspective, the entrepreneur needs a firm, that is, a set of alienable assets he controls, to carry out his function. We further show how this notion of judgment adds to the key themes in the modern theory of the firm (i.e., the existence, boundaries, and internal organization). In our approach, resource uses are not data, but are created as entrepreneurs envision new ways of using assets to produce goods. The entrepreneur’s decision problem is aggravated by the fact that capital assets are heterogeneous. Asset ownership facilitates experimenting entrepreneurship: Acquiring a bundle of property rights is a low cost means of carrying out commercial experimentation. In this approach, the existence of the firm may be understood in terms of limits to the market for judgment relating to novel uses of heterogeneous assets; and the boundaries of the firm, as well as aspects of internal organization, may be understood as being responsive to entrepreneurial processes of experimentation.Entrepreneurship, heterogeneous assets, judgment, ownership, firm boundaries, internal organization

The Theory of the Firm and Its Critics A Stocktaking and Assessment

Ever since its emergence in the 1970s the modern economic or Coasian theory of the firm has been discussed and challenged by sociologists, heterodox economists, management scholars, and other critics. This chapter reviews and assesses these critiques, focusing on behavioral issues (bounded rationality and motivation), process (including path dependence and the selection argument), entrepreneurship, and the challenge from knowledge-based theories of the firm.

Continuous use of authoring for adaptive educational hypermedia : a long-term case study

Adaptive educational hypermedia allows lessons to be personalized according to the needs of the learner. However, to achieve this, content must be split into stand-alone fragments that can be processed by a course personalization engine. Authoring content for this process is still a difficult activity, and it is essential for the popularization of adaptive educational hypermedia that authoring is simplified, so that the various stakeholders in the educational process, students, teachers, administrators, etc. can easily work with such systems. Thus, real-world testing with these stakeholders is essential. In this paper we describe recent extensions and improvements we have implemented in the My Online Teacher MOT3.0 adaptation authoring tool set, based on an initial set of short-term evaluations, and then focus on describing a long-term usage and assessment of the system

Letter From G. Perley Foss To His Son, March, 9, 1919

Letter from G. Perley Foss to his son Henry L. Foss dated March, 9, 1919.https://digitalmaine.com/foss_241503/1002/thumbnail.jp