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Why we need normative theories of entrepreneurial learning that go beyond Bayesianism

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  • Ehrig, Timo
  • Foss, Nicolai J.

Abstract

Zellweger and Zenger's (ZZ) article, “Entrepreneurs as scientists: A pragmatist approach to producing value out of uncertainty,” represents a potentially influential contribution to the understanding of decision making under uncertainty. This short paper points to two major problems in their article: it 1) seeks to reduce uncertainty to risk and ignores the problem of unknown unknowns, and 2) does not identify the key inferential problem of linking the few current data points known by an entrepreneur to her imagination as it pertains to an unknowable future. We point to devising alternative models of learning that have the potential to overcome these problems as a research effort that should be prioritized within the emerging field of entrepreneurial learning.

Suggested Citation

  • Ehrig, Timo & Foss, Nicolai J., 2022. "Why we need normative theories of entrepreneurial learning that go beyond Bayesianism," Journal of Business Venturing Insights, Elsevier, vol. 18(C).
    • Handle: RePEc:eee:jobuve:v:18:y:2022:i:c:s2352673422000336
    DOI: 10.1016/j.jbvi.2022.e00335
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    References listed on IDEAS

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    9. Timo Ehrig & Jens Schmidt, 2022. "Theory‐based learning and experimentation: How strategists can systematically generate knowledge at the edge between the known and the unknown," Strategic Management Journal, Wiley Blackwell, vol. 43(7), pages 1287-1318, July.
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    Cited by:

    1. Coali, Andrea & Gambardella, Alfonso & Novelli, Elena, 2024. "Scientific decision-making, project selection and longer-term outcomes," Research Policy, Elsevier, vol. 53(6).
    2. Hunt, Richard A. & Townsend, David M. & Lerner, Daniel A. & Brownell, Katrina M., 2024. "Pivot, persist or perish? Knowledge problems and the extraordinarily tight boundary conditions of entrepreneurs as scientists," Journal of Business Venturing Insights, Elsevier, vol. 21(C).
    3. Zellweger, Thomas & Zenger, Todd, 2022. "Entrepreneurs as scientists, Bayesian inference, and belief revision," Journal of Business Venturing Insights, Elsevier, vol. 18(C).
    4. Robert Wuebker & Todd Zenger & Teppo Felin, 2023. "The theory‐based view: Entrepreneurial microfoundations, resources, and choices," Strategic Management Journal, Wiley Blackwell, vol. 44(12), pages 2922-2949, December.

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