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Introduction to a forum on the judgment-based approach to entrepreneurship: accomplishments, challenges, new directions

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  • FOSS, NICOLAI J.
  • KLEIN, PETER G.

Abstract

Over the last three decades entrepreneurship has become a hot topic in economics and management. Much of the entrepreneurship research literature has built upon insights of economists such as Schumpeter, Knight, and Kirzner, each of whom has inspired a distinct strand of entrepreneurship theory and application. Schumpeterian innovation and Kirznerian alertness are the best-known concepts of entrepreneurship, but a newer research stream is building on Knight's idea of entrepreneurship as judgmental decision-making under uncertainty. What we call the judgment-based view models entrepreneurs as owning, controlling, and combining heterogeneous assets, which differ in their attributes, and deploying these assets within a firm to produce goods and services in anticipation of economic profit. This Forum presents three papers that develop, extend, and challenge the judgment-based view of entrepreneurship, focusing on the foundations of judgment, the processes of entrepreneurial resource assembly, and the relationship between the judgment-based view and other theories of economic organization.

Suggested Citation

  • Foss, Nicolai J. & Klein, Peter G., 2015. "Introduction to a forum on the judgment-based approach to entrepreneurship: accomplishments, challenges, new directions," Journal of Institutional Economics, Cambridge University Press, vol. 11(3), pages 585-599, September.
  • Handle: RePEc:cup:jinsec:v:11:y:2015:i:03:p:585-599_00
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