Towards a schematic theory of entrepreneurial alertness

This article is an investigation into Kirzner's concept of entrepreneurial alertness — its mechanism and its antecedents. By drawing from decision theory and schema theory, a model is developed to show how changes in the environment are mediated by entrepreneurial alertness and brought to the situated attention of entrepreneurs for evaluation. Entrepreneurial alertness is seen to be the application of unique schemata that allow the entrepreneur to impute meaning to environmental change that would not be imputed by other managers. It is argued that the alertness that allows entrepreneurs to see opportunity where others do not arises from differences in schematic richness, schematic association, and schematic priming. These three antecedents may therefore form a basis on which enhanced entrepreneurial alertness can be developed.     

UK export assistance: Are we supporting the best programmes?

This article provides empirical evidence to show that differences exist in how UK exporters rate factors in their export marketing effort between: (1) those that are believed to be desired by importers; (2) the possibility for improving performance of these factors by a change in emphasis by people in the exporting firms; and (3) what international business assistance is actually requested by firms. It then looks at differences between firms based on their level of involvement in exporting, i.e. stage of internationalization, and the extent to which they are successful. It therefore substantially builds upon previous research by showing that there are differences between the factors that firms believe are desirable to importers and how their performance could improve with the emphasis and assistance of internal and external change agents. Furthermore, it shows that exporting firms should not be seen as homogeneous and that significant differences exist between firms based on their level of internationalization and their level of success.

In this way, the study has implications for UK policy makers insofar as it questions the idea that export promotion policies should be standardized, and offers evidence to support the view that firms with different characteristics actually require different kinds of support.     

Dealing with consumer default: Bankruptcy vs garnishment

What are the positive and normative implications of eliminating bankruptcy protection for indebted individuals? Without bankruptcy protection, creditors can collect on defaulted debt to the extent permitted by wage garnishment laws. The elimination lowers the default premium on unsecured debt and permits low-net-worth individuals suffering bad earnings shocks to smooth consumption by borrowing. There is a large increase in consumer debt financed essentially by super-wealthy individuals, a modest drop in capital per worker, and a higher frequency of consumer default. Average welfare rises by 1% of consumption in perpetuity, with about 90% of households favoring the change.     

U.K. SMEs’ awareness,use, and perceptions of selected government export assistance programs: An investigation into the effect of the internationalization process

This study reports on an empirical investigation into U.K. managers’ behavior toward and perceptions about selected export assistance programs. Specifically, it investigates whether differences exist between managers of U.K. small and medium-sized enterprises (SMEs) in various stages of internationalization in relation to their awareness and frequency of use of the programs, together with their perceptions about the timeliness, reliability, and availability of the assistance schemes. It provides a contribution to the knowledge in the areas of export management and public policy because despite the fact that a body of literature exists on the topics of both export assistance and the internationalization process of firms, there is a need to bring these two research topics together in the form of a single U.K. study to establish whether current export assistance procedures are suitable for managers from firms in different stages of export development. The rationale for such a study is that if managers of U.K. SMEs in different stages of the internationalization process differ in both their behavior toward and perceptions about government assistance programs, U.K. policymakers may need to reconsider the way in which services are provided to avoid wasting scarce resources.     

New product introduction under demand uncertainty in competitive industries

A game-theoretic model is employed to examine the conditions under which firms in a duopoly, faced with a new product introduction opportunity of uncertain profitability (because of uncertainty in demand), choose to enter the market immediately or, alternatively, decide to wait, thereby avoiding the risk of failure. The implications for a firm's strategic behavior are contrasted with situations in which the competitor is believed to be (1) passive, implying that the firm expects to enjoy indefinite monopoly status if it introduces the new product, and (2) committed to a waiting strategy, implying monopoly status for a limited time period, if the new product is successful.     

UK food shopping in the 1950s: the social context of customer loyalty

Food shopping – although often dismissed as dreary necessity – has always served a range of latent functions. In the 1950s, food storage limitations and tight budgets gave rise to weekly – often daily – shopping patterns that also allowed shoppers to meet certain social needs. Going to food shops, and the way that customer service was organized, produced significant interactional opportunities which were valued by participants. Exchanging news with other customers may have reinforced shopping patterns but shopkeepers, and knowledgeable assistants, were also useful intermediaries for product and usage information. Functional specialization in food commodities bestowed the aura of expertise, and direct accountability for the quality of what was sold provided a more personal style of retailing than is currently typical. Much depended on the perception of relationships. The 1950s were an important transitional period in the UK. Rationing gave way to wider choice and availability, while the market position of corner shops was increasingly eclipsed by town centre supermarkets. This article explores the social context of food shopping, and its relationship to the specific issue of customer loyalty.     

Pattern recognition and financial time‐series

This paper investigates financial time‐series from the perspective of a practitioner in artificial intelligence methods and pattern recognition. It presents results from statistical experiments which suggest that financial markets operate with a measure of inefficiency and predictability. However, identifying the nature of any regularities and patterns presents a difficult challenge to the artificial intelligence community, in that established techniques make assumptions about the underlying process that mostly prove to be invalid for this class of data. Copyright © 2007 John Wiley & Sons, Ltd.