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Cognitive Opening and Closing: Toward an Exploration of the Mental World of Entrepreneurship

In: Hayek in Mind: Hayek's Philosophical Psychology

Author

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  • Thierry Aimar

Abstract

Purpose – To define the links between cognition and entrepreneurial behavior by highlighting the problem of complexity in the difficult trade-off between discovery of new opportunities and exploitation of current opportunities. Methodology/approach – To interrelate Austrian tools (Hayek, Kirzner, Lachmann) with lessons from experimental economics. Research limitations and implications – This contribution enters the world of entrepreneurship to show where the mental rigidities opposing discoveries lie. Originality/value of paper – To use experimental economics to widen our understanding of entrepreneurship and invite the Austrian scholars to imagine other protocols that might deepen the analysis.

Suggested Citation

  • Thierry Aimar, 2011. "Cognitive Opening and Closing: Toward an Exploration of the Mental World of Entrepreneurship," Advances in Austrian Economics, in: Hayek in Mind: Hayek's Philosophical Psychology, pages 241-257, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:aaeczz:s1529-2134(2011)0000015017
    DOI: 10.1108/S1529-2134(2011)0000015017
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