IDEAS home Printed from https://ideas.repec.org/a/spr/jglont/v11y2021i1d10.1007_s40497-021-00272-3.html
   My bibliography  Save this article

On the utility of the stochastic processes in modeling the nexus between entrepreneurship and innovation: a nonparametric application of Bayesian inference

Author

Listed:
  • Nezameddin Faghih

    (UNESCO)

  • Ebrahim Bonyadi

    (University of Tehran)

  • Lida Sarreshtehdari

    (University of Tehran)

Abstract

The application of stochastic processes in modeling uncertain phenomena will benefit researchers in the fields of various sciences like management, engineering, chemistry, physics, and business. The present article tries to apply several stochastic processes to modeling the relationship between entrepreneurial innovation and entrepreneurship. The Chinese restaurant process (CRP) and the Blackwell-MacQueen scheme are the processes that will be utilized to explore a predictive model. By presenting illustrative evidence, the CRP and the Blackwell-MacQueen scheme have helped us to understand how the Schumpeterian approach goes true. The study on the proposed equation demonstrated that the considered model also may signify levels of the decision in interpreting the nexus between innovation and entrepreneurship. Hence, a new function, arbitrary called “decision function,” was discovered and introduced in this study. After having reviewed the properties of the decision function, the relationship between entrepreneurship and entrepreneurial innovation (and also economic growth in its wake) was studied and interpreted. Regardless of mathematical models resulted from applying stochastic processes in investigating the relationship between entrepreneurship and innovation factors, the present paper reveals the importance of statistical models and stochastic processes in understanding the unmeasurable networks formed out of various factors.

Suggested Citation

  • Nezameddin Faghih & Ebrahim Bonyadi & Lida Sarreshtehdari, 2021. "On the utility of the stochastic processes in modeling the nexus between entrepreneurship and innovation: a nonparametric application of Bayesian inference," Journal of Global Entrepreneurship Research, Springer;UNESCO Chair in Entrepreneurship, vol. 11(1), pages 97-111, December.
    • Handle: RePEc:spr:jglont:v:11:y:2021:i:1:d:10.1007_s40497-021-00272-3
    DOI: 10.1007/s40497-021-00272-3
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s40497-021-00272-3
    File Function: Abstract
    Download Restriction: no
    File URL: https://libkey.io/10.1007/s40497-021-00272-3?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Rachel Griffith & Elena Huergo & Jacques Mairesse & Bettina Peters, 2006. "Innovation and Productivity Across Four European Countries," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 22(4), pages 483-498, Winter.
    2. Leff, Nathaniel H, 1979. "Entrepreneurship and Economic Development: The Problem Revisited," Journal of Economic Literature, American Economic Association, vol. 17(1), pages 46-64, March.
    3. Zoltan Acs & David Storey, 2004. "Introduction: Entrepreneurship and Economic Development," Regional Studies, Taylor & Francis Journals, vol. 38(8), pages 871-877.
    4. Nikolaus T. Butz & Sheila Hanson & Patrick L. Schultz & Marissa M. Warzynski, 2018. "Beyond the Big Five: does grit influence the entrepreneurial intent of university students in the US?," Journal of Global Entrepreneurship Research, Springer;UNESCO Chair in Entrepreneurship, vol. 8(1), pages 1-16, December.
    5. Hobday, Mike, 1995. "East Asian latecomer firms: Learning the technology of electronics," World Development, Elsevier, vol. 23(7), pages 1171-1193, July.
    6. Jan Fagerberg, 2003. "Schumpeter and the revival of evolutionary economics: an appraisal of the literature," Journal of Evolutionary Economics, Springer, vol. 13(2), pages 125-159, April.
    7. Brian Polin & Stephan Golla, 2016. "Entrepreneurship in Developed and Developing Nations: Contrasting the Entrepreneurs and their Contributions," Proceedings of International Academic Conferences 3305685, International Institute of Social and Economic Sciences.
    8. Alessandra Faggian & Roberta Gemmiti & Timothy Jaquet & Isabella Santini, 2018. "Regional economic resilience: the experience of the Italian local labor systems," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 60(2), pages 393-410, March.
    9. Roberta Capello & Andrea Caragliu & Ugo Fratesi, 2015. "Spatial heterogeneity in the costs of the economic crisis in Europe: are cities sources of regional resilience?," Journal of Economic Geography, Oxford University Press, vol. 15(5), pages 951-972.
    10. Nan Cheng & Tao Yuan, 2013. "Nonparametric bayesian lifetime data analysis using dirichlet process lognormal mixture model," Naval Research Logistics (NRL), John Wiley & Sons, vol. 60(3), pages 208-221, April.
    11. Gillian Bristow & Adrian Healy, 2018. "Innovation and regional economic resilience: an exploratory analysis," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 60(2), pages 265-284, March.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Ebrahim Bonyadi & Lida Sarreshtehdari, 2021. "The Global Entrepreneurship Index (GEI): a critical review," Journal of Global Entrepreneurship Research, Springer;UNESCO Chair in Entrepreneurship, vol. 11(1), pages 469-488, December.
    2. Samaneh Bahrololoum & Mojtaba Mahmood Molaei Kermani & Farzaneh Koohzadi, 2022. "Ecopreneurs and agricultural waste management," Journal of Global Entrepreneurship Research, Springer;UNESCO Chair in Entrepreneurship, vol. 12(1), pages 47-51, December.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Weilong Wang & Jianlong Wang & Shaersaikai Wulaer & Bing Chen & Xiaodong Yang, 2021. "The Effect of Innovative Entrepreneurial Vitality on Economic Resilience Based on a Spatial Perspective: Economic Policy Uncertainty as a Moderating Variable," Sustainability, MDPI, vol. 13(19), pages 1-23, September.
    2. Fagerberg, Jan & Srholec, Martin & Verspagen, Bart, 2010. "Innovation and Economic Development," Handbook of the Economics of Innovation, in: Bronwyn H. Hall & Nathan Rosenberg (ed.), Handbook of the Economics of Innovation, edition 1, volume 2, chapter 0, pages 833-872, Elsevier.
    3. Linus Holtermann & Christian Hundt, 2018. "Hierarchically structured determinants and phase related patterns of economic resilience. An empirical case study for European regions," Working Papers on Innovation and Space 2018-02, Philipps University Marburg, Department of Geography.
    4. Hasan Engin Duran & Ugo Fratesi, 2023. "Economic resilience and regionally differentiated cycles: Evidence from a turning point approach in Italy," Papers in Regional Science, Wiley Blackwell, vol. 102(2), pages 219-252, April.
    5. Anping Chen & Nicolaas Groenewold, 2019. "Regional resilience in China: The response of the provinces to the growth slowdown," Economics Discussion / Working Papers 19-06, The University of Western Australia, Department of Economics.
    6. Adelheid Holl, 2018. "Local employment growth patterns and the Great Recession: The case of Spain," Journal of Regional Science, Wiley Blackwell, vol. 58(4), pages 837-863, September.
    7. Vinko Muštra & Blanka Šimundić & Zvonimir Kuliš, 2020. "Does innovation matter for regional labour resilience? The case of EU regions," Regional Science Policy & Practice, Wiley Blackwell, vol. 12(5), pages 955-970, October.
    8. Giulio Cainelli & Roberto Ganau & Marco Modica, 2019. "Does related variety affect regional resilience? New evidence from Italy," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 62(3), pages 657-680, June.
    9. Elias Giannakis & Christos T. Papadas, 2021. "Spatial Connectivity and Regional Economic Resilience in Turbulent Times," Sustainability, MDPI, vol. 13(20), pages 1-12, October.
    10. Naudé, Wim, 2011. "Entrepreneurship is Not a Binding Constraint on Growth and Development in the Poorest Countries," World Development, Elsevier, vol. 39(1), pages 33-44, January.
    11. Chang-Tai Lee & Jin-Li Hu & Ming-Hsin Kung, 2022. "Economic Resilience in the Early Stage of the COVID-19 Pandemic: An Across-Economy Comparison," Sustainability, MDPI, vol. 14(8), pages 1-25, April.
    12. Xin Mai & Roger C. K. Chan, 2020. "Detecting the intellectual pathway of resilience thinking in urban and regional studies: A critical reflection on resilience literature," Growth and Change, Wiley Blackwell, vol. 51(3), pages 876-889, September.
    13. Martin Srholec, 2011. "A multilevel analysis of innovation in developing countries ," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 20(6), pages 1539-1569, December.
    14. Rios, Vicente & Gianmoena, Lisa, 2020. "The link between quality of government and regional resilience in Europe," Journal of Policy Modeling, Elsevier, vol. 42(5), pages 1064-1084.
    15. Jing Jiang & Xiaoqing Zhang & Caihong Huang, 2022. "Influence of Population Agglomeration on Urban Economic Resilience in China," Sustainability, MDPI, vol. 14(16), pages 1-19, August.
    16. Tazviona Richman Gambe & Hermanus Stephanus Geyer & Anele Horn, 2022. "Economic Resilience of City‐Regions in Southern Africa: An Exploratory Study of Zimbabwe," Regional Science Policy & Practice, Wiley Blackwell, vol. 14(2), pages 438-455, April.
    17. Soomi Lee & Shu Wang, 2023. "Impacts of political fragmentation on inclusive economic resilience: Examining American metropolitan areas after the Great Recession," Urban Studies, Urban Studies Journal Limited, vol. 60(1), pages 26-45, January.
    18. Yannis Psycharis & Anastasia Panori & Dimitrios Athanasopoulos, 2022. "Public Investment and Regional Resilience: Empirical Evidence from the Greek Regions," Tijdschrift voor Economische en Sociale Geografie, Royal Dutch Geographical Society KNAG, vol. 113(1), pages 57-79, February.
    19. Fabiano Compagnucci & Gabriele Morettini, 2020. "Improving resilience at the local level: The location of essential services within inner areas. Three case studies in the Italian Marche region," Regional Science Policy & Practice, Wiley Blackwell, vol. 12(5), pages 767-792, October.
    20. Martin Andersson & Hong Sok Kim & Janet Kohlhase, 2020. "Editorial Annals of Regional Science," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 64(1), pages 1-8, February.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:jglont:v:11:y:2021:i:1:d:10.1007_s40497-021-00272-3. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.