Entrepreneurial team's risk-based decision-making: A dynamic game analysis |
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Authors: | Xie KefanChen Gang Desheng Dash WuCuicui Luo Wu Qian |
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Affiliation: | a Management School, Wuhan University of Technology, China b Risklab, University of Toronto, Canada |
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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. |
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Keywords: | Risk-based decision-making (RBDM) Learning mechanism Opportunity perception (OP) Risk perception (RP) Risk decision-learning |
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