Entrepreneurs Seeking Gains: Profit Motives and Risk Aversion in Inventors' Commercialization Decisions

Journal of Economics and Management Strategy

Volumn 19, Issue 4, 2010, Pages 863-888

  Simons, Kenneth L ^a   Åstebro, Thomas ^b  

^a RENSSELAER POLYTECHNIC INSTITUTE   (United States)

^b HEC PARIS   (France)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 78649615740     PISSN: 10586407     EISSN: 15309134     Source Type: Journal    
DOI: 10.1111/j.1530-9134.2010.00272.x     Document Type: Article

References (39)

1. Arabsheibani, G., D. De Meza, J. Maloney, and B. Pearson, 2000, "And a Vision Appeared unto Them of a Great Profit: Evidence of Self-Deception among the Self-Employed, " Economics Letters, 67(1), 35-41.
2. Åstebro, T., 2003, "The Return to Independent Invention: Evidence of Risk Seeking, Extreme Optimism or Skewness-Loving Economic Journal, 113(484), 226-239.
3. Åstebro, T. and Y. Gerchak, 2001, "Profitable Advice: The Value of Information Provided by Canada's Inventor's Assistance Program, " Economics of Innovation and New Technology, 10(1), 45-72.
4. Åstebro, T. S.A. Jeffrey, and G.K. Adomdza, 2007, "Inventor Perseverance after Being Told to Quit: The Role of Cognitive Biases, " Journal of Behavioral Decision Making, 20(3), 253-272.
5. Åstebro, T. and P. Thompson, 2007, "Entrepreneurs: Jacks of all Trades or Hobos?" University of Toronto Working Paper.
6. Baker, K.G. and G.S. Albaum, 1986, "Modeling New Product Screening Decisions, " Journal of Product Innovation Management, 3(1), 32-39.
7. Baumol, W.J., 1968, "Entrepreneurship in Economic Theory, " American Economic Review, 58(2), 64-71.
8. Baumol, W.J. 2006, "Return of the Invisible Men: The Microeconomic Value Theory of Inventors and Entrepreneurs, " Paper presented at the annual meeting of the American Economic Association, Boston.
9. Benz, M., 2009, "Entrepreneurship as a Non-Profit-Seeking Activity, " International Entrepreneurship and Management Journal, 5(1), 23-44.
10. Benz, M. and B.S. Frey, 2008, "Being Independent is a Great Thing: Subjective Evaluations of Self-Employment and Hierarchy, " Economica, 75(298), 362-383.
11. Bernhardt, I., 1994, "Comparative Advantage in Self-Employment and Paid Work, " Canadian Journal of Economics, 27(2), 273-289.
12. Blanchflower, D.G. and A.J. Oswald, 1998, "What Makes an Entrepreneur Journal of Labor Economics, 16(1), 26-60.
13. Camerer, C. and D. Lovallo, 1999, "Overconfidence and Excess Entry: An Experimental Approach, " American Economic Review, 89(1), 306-318.
14. Campbell, D.T. and D.W. Fiske, 1959, "Convergent and Discriminant Validation by the Multi-Trait-Multi-Method Matrix, " Psychological Bulletin, 56(2), 81-105.
15. Coelho, M., D. De Meza, and D. Reyniers, 2004, "Irrational Exuberance, Entrepreneurial Finance, and Public Policy, " International Tax and Public Finance, 11(4), 391-417.
16. Cronbach, L.J., 1951, "Coefficient Alpha and the Internal Structure of Tests, " Psychometrika, 16(3), 297-334.
17. De Meza, D., 2002, "Overlending The Economic Journal, 112(477), F17-F31.
18. Fischhoff, B., 1975, "Hindsight ≠ Foresight: The Effect of Outcome Knowledge on Judgment under Uncertainty, " Journal of Experimental Psychology: Human Perception and Performance, 1(3), 288-299.
19. Friedman, J. and J. Silberman, 2003, "University Technology Transfer: Do Incentives, Management, and Location Matter Journal of Technology Transfer, 28(1), 17-30.
20. Hamilton, B.H., 2000, "Does Entrepreneurship Pay? An Empirical Analysis of the Returns to Self-Employment, " Journal of Political Economy, 108(3), 604-631.
21. Henderson, R., 1993, "Underinvestment and Incompetence as Responses to Radical Innovation: Evidence from the Photolithographic Alignment Equipment Industry, " RAND Journal of Economics, 24(2), 248-270.
22. Heston, A., R. Summers, and B. Aten, 2006, "Penn World Table, " version 6.2, Center for International Comparisons of Production, Income and Prices at the University of Pennsylvania
23. Hoelzl, E. and A. Rustichini, 2005, "Overconfident: Do You Put Your Money on It Economic Journal, 115(503), 305-318.
24. Hopenhayn, H.A. and G. Vereshchagina, 2009, "Risk Taking by Entrepreneurs, " American Economic Review, 99(5), 1808-1830.
25. Jewkes, J., D. Sawers, and R. Stillerman, 1959, The Sources of Invention, New York St. Martin's Press.
26. Jovanovic, B., 1982, "Selection and the Evolution of Industry, " Econometrica, 50(3), 649-670.
27. Kanbur, S.M., 1979, "Of Risk Taking and the Personal Distribution of Income, " Journal of Political Economy, 87(4), 769-797.
28. Kihlstrom, R.E. and J.-J. Laffont, 1979, "A General Equilibrium Entrepreneurial Theory of Firm Formation based on Risk Aversion, " Journal of Political Economy, 87(4), 719-748.
29. King, G. and L. Zeng, 2001, "Logistic Regression in Rare Events Data, " Political Analysis, 9(2), 137-163.
30. Lach, S. and M. Schankerman, 2004, "Royalty Sharing and Technology Licensing in Universities, " Journal of the European Economic Association, 2(2-3), 252-264.
31. Lazear, E., 2004, "Balanced Skills and Entrepreneurship, " American Economic Review, 94(2), 208-211.
32. Link, A. and D. Siegel, 2005, "Generating Science-Based Growth: An Econometric Analysis of the Impact of Organizational Incentives on University-Industry Technology Transfer, " European Journal of Finance, 11(3), 169-181.
33. Manski, C.F. and S.R. Lerman, 1977, "The Estimation of Choice Probabilities from Choice Based Samples, " Econometrica, 45(8), 1977-1988.
34. Moore, D.A. and D.M. Cain, 2007, "Overconfidence and Underconfidence: When and Why People Underestimate (and Overestimate) the Competition, " Organizational Behavior and Human Decision Processes, 103(2), 197-213.
35. Moskowitz, T. and A. Vissing-Jorgensen, 2002, "The Returns to Entrepreneurial Investment: A Private Equity Premium Puzzle American Economic Review, 92(4), 745-778.
36. Shane, S., 2001, "Technological Opportunities and New Firm Creation, " Management Science, 47(2), 205-220.
37. Simons, K.L., 2010, "A Theory of Entrepreneurial Behavior, Profit Opportunities, and Risks: Mathematical Derivations, " Rensselaer Polytechnic Institute Working Paper.
38. Udell, G.G., 1989, "Invention Evaluation Services: A Review of the State of the Art, " Journal of Product Innovation Management, 6(3), 157-168.
39. Udell, G.G., R. Bottin, and D.D. Glass, 1993, "The Wal-Mart Innovation Network: An Experiment in Stimulating American Innovation, " Journal of Product Innovation Management, 10(1), 23-34.