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Exploring entrepreneurial decision-making strategies

Author

Listed:
  • William Benjamin Martz Jr.
  • Thomas Neil
  • Alessandro Biscaccianti

Abstract

The way individuals make decisions has been researched from many contexts giving rise to theoretical explanations. Two of these theories, a satisficing model and a reference-dependent model, evolved from this research. The purpose of this study is to explore how well these models explain the decision making observed in a hypothetical entrepreneurial, managerial setting that allocates a limited resource among ten interlocked alternatives over two decision periods. The results show that in this context, decision making is reference dependent. Further analysis demonstrates that a model based on aspiring to a minimal satisfaction level (aspiration seeking) better explains the results.

Suggested Citation

  • William Benjamin Martz Jr. & Thomas Neil & Alessandro Biscaccianti, 2006. "Exploring entrepreneurial decision-making strategies," International Journal of Innovation and Learning, Inderscience Enterprises Ltd, vol. 3(6), pages 658-672.
    • Handle: RePEc:ids:ijilea:v:3:y:2006:i:6:p:658-672
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