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Entrepreneurial team's risk-based decision-making: A dynamic game analysis

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  • Kefan, Xie
  • Gang, Chen
  • Wu, Desheng Dash
  • Luo, Cuicui
  • Qian, Wu

Abstract

It is well-known that some cognitive factors such as opportunity perception and risk perception influence entrepreneurial risk-based decision-making (RBDM). This paper proposes some rules of entrepreneur's risk decision-learning to address this RBDM taking cognitive factors into consideration. The learning mechanisms of entrepreneurial team's RBDM is derived based on entrepreneur's perception evolution. The paper employs a system dynamics model to analyze the entrepreneurial team's risk decision-learning. A case study is conducted to demonstrate the entrepreneurial RBDM process with cognitive factors.

Suggested Citation

  • Kefan, Xie & Gang, Chen & Wu, Desheng Dash & Luo, Cuicui & Qian, Wu, 2011. "Entrepreneurial team's risk-based decision-making: A dynamic game analysis," International Journal of Production Economics, Elsevier, vol. 134(1), pages 78-86, November.
    • Handle: RePEc:eee:proeco:v:134:y:2011:i:1:p:78-86
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    References listed on IDEAS

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