Matching Ideas to Institutions Under Uncertainty

Matching Ideas to Institutions Under Uncertainty
Author: Jason Potts
Publisher:
Total Pages: 19
Release: 2015
Genre:
ISBN:

The theory of innovation policy widely neglects private uncertainty about optimal matching of an idea to an innovation institution for development. I argue that information pooling in the commons enables private uncertainty to be effectively resolved, prior to subsequent development in private or public innovation institutions. This suggests that the innovation commons may be a crucial institutional component of an innovation system in the early phase of an innovation trajectory, but also that it is likely to be a temporary phase.

Innovation Commons

Innovation Commons
Author: Jason Potts
Publisher: Oxford University Press
Total Pages: 320
Release: 2019-07-02
Genre: Business & Economics
ISBN: 0190937521

Innovation is among the most important topics in understanding economic sustained economic growth. Jason Potts argues that the initial stages of innovation require cooperation under uncertainty and draws from insights on the solving of commons problems to shed light on policies and conditions conducive to the creation of new firms and industries. The problems of innovation commons are overcome, Potts shows, when there are governance institutions that incentivize cooperation, thereby facilitating the pooling of distributed information, knowledge, and other inputs. The entrepreneurial discovery of an economic opportunity is thus an emergent institution resulting from the formation of a cooperative group, under conditions of extreme uncertainty, working toward the mutual purpose of opportunity discovery about a nascent technology or new idea. Among the problems commons address are those of the identity; cooperation; consent; monitoring; punishment; and independence. A commons is efficient compared to the creation of alternative economic institutions that involve extensive contracting and networks, private property rights and price signals, or public goods (i.e. firms, markets, and governments). In other words, the origin of innovation is not entrepreneurial action per se, but the creation of a common pool resource from which entrepreneurs can discover opportunities. Potts' framework draws on the evolutionary theory of cooperation and institutional theory of the commons. It also has important implications for understanding the origin of firms and industries, and for the design of innovation policy. Beginning with a discussion of problems of knowledge and coordination as well as their implications for common pool environments, the book then explores instances of innovation commons and the lifecycle of innovation, including increased institutionalization and rigidness. Potts also discusses the possible implications of the commons framework for policies to sustain innovation dynamics.

Managing Uncertainty in Crisis

Managing Uncertainty in Crisis
Author: Xiaoli Lu
Publisher: Springer
Total Pages: 256
Release: 2017-11-07
Genre: Social Science
ISBN: 9811039909

This book studies the variety of organizational strategies selected to cope with critical uncertainties during crises. This research formulates and applies an institutional sense-making model to explain the selection of strategies for coping with uncertainties during crises to answer the question why some organizations select a rule-based strategy to cope with uncertainties, whereas others pursue a more ad hoc-based strategy. It finds that the level of institutionalization does not affect strategy selection in the initial phase of responding to crises; that three rigidity effects can be identified in the selection of sense-making strategies once organizations have faced the failure of their selected strategies; that discontinuities in the feedback loop of sense-making do not necessarily move organizations to switch their sense-making strategies, but interact with institutionalization to contribute to switching sense-making strategies. This book bridges the gap between institutional thinking and crisis management theorizing. A major step forward in the world of crisis management studies! ——Professor Arjen Boin, Leiden University, the Netherlands In a world of increasingly complex, sociotechnical systems interacting in high-risk environments, Professor Lu’s analysis of how organizations manage uncertainty is both timely and profound. ——Professor Louise K. Comfort, Director, Center for Disaster Management, University of Pittsburgh, USA Prof. Lu greatly enhances our understanding of how organizations cope with uncertainty and make sense of their challenges under the pressures of catastrophe. ——Dr. Arnold M. Howitt, Faculty Co-Director, Program on Crisis Leadership, Harvard Kennedy School, USA This book provides not only a theory of crisis management but also a key concept around which research and practice can be conducted. ——Professor Naim Kapucu, Director of School of Public Administration, University of Central Florida, USA A generic institutional model for analyzing and managing hazards, disasters and crises worldwide. ——Professor Joop Koppenjan, Erasmus University Rotterdam, the Netherlands This book has done an excellent job in opening the black box of how organizations make sense of the crisis situations they face and develop strategies to respond. It should be read by all of us who wish for a peaceful and safe world. ——Professor Lan Xue, Dean of School of Public Policy and Management, Tsinghua University, China

Investment Under Uncertainty

Investment Under Uncertainty
Author: Avinash K. Dixit
Publisher: Princeton University Press
Total Pages: 484
Release: 1994
Genre: Business & Economics
ISBN: 0691034109

How should firms decide whether and when to invest in new capital equipment, additions to their workforce, or the development of new products? Why have traditional economic models of investment failed to explain the behavior of investment spending in the United States and other countries? In this book, Avinash Dixit and Robert Pindyck provide the first detailed exposition of a new theoretical approach to the capital investment decisions of firms, stressing the irreversibility of most investment decisions, and the ongoing uncertainty of the economic environment in which these decisions are made. In so doing, they answer important questions about investment decisions and the behavior of investment spending. This new approach to investment recognizes the option value of waiting for better (but never complete) information. It exploits an analogy with the theory of options in financial markets, which permits a much richer dynamic framework than was possible with the traditional theory of investment. The authors present the new theory in a clear and systematic way, and consolidate, synthesize, and extend the various strands of research that have come out of the theory. Their book shows the importance of the theory for understanding investment behavior of firms; develops the implications of this theory for industry dynamics and for government policy concerning investment; and shows how the theory can be applied to specific industries and to a wide variety of business problems.

Decision Making Under Uncertainty

Decision Making Under Uncertainty
Author: Mykel J. Kochenderfer
Publisher: MIT Press
Total Pages: 350
Release: 2015-07-24
Genre: Computers
ISBN: 0262331713

An introduction to decision making under uncertainty from a computational perspective, covering both theory and applications ranging from speech recognition to airborne collision avoidance. Many important problems involve decision making under uncertainty—that is, choosing actions based on often imperfect observations, with unknown outcomes. Designers of automated decision support systems must take into account the various sources of uncertainty while balancing the multiple objectives of the system. This book provides an introduction to the challenges of decision making under uncertainty from a computational perspective. It presents both the theory behind decision making models and algorithms and a collection of example applications that range from speech recognition to aircraft collision avoidance. Focusing on two methods for designing decision agents, planning and reinforcement learning, the book covers probabilistic models, introducing Bayesian networks as a graphical model that captures probabilistic relationships between variables; utility theory as a framework for understanding optimal decision making under uncertainty; Markov decision processes as a method for modeling sequential problems; model uncertainty; state uncertainty; and cooperative decision making involving multiple interacting agents. A series of applications shows how the theoretical concepts can be applied to systems for attribute-based person search, speech applications, collision avoidance, and unmanned aircraft persistent surveillance. Decision Making Under Uncertainty unifies research from different communities using consistent notation, and is accessible to students and researchers across engineering disciplines who have some prior exposure to probability theory and calculus. It can be used as a text for advanced undergraduate and graduate students in fields including computer science, aerospace and electrical engineering, and management science. It will also be a valuable professional reference for researchers in a variety of disciplines.

Entrepreneurship and Knowledge Exchange

Entrepreneurship and Knowledge Exchange
Author: Jay Mitra
Publisher: Routledge
Total Pages: 524
Release: 2015-04-17
Genre: Business & Economics
ISBN: 1317748131

Over the last several decades there has been a growing interest in the relationship between entrepreneurship and university-industry collaboration, namely how such cooperation can benefit entrepreneurship development at individual, national, and regional levels. While there are several refereed journal articles on different aspects of university-industry cooperation, most studies dwell primarily on instruments such as spin-offs, incubators and graduate entrepreneurs. This collection offers the first book-length compendium of international comparative perspectives on university-industry cooperation. Entrepreneurship and Knowledge Exchange explores insights from a wide variety of countries of relevance to researchers as well as policy and decision makers, especially those working in developing economies. Seminal contributions from top academics in the field, such as Alan Gibb, Peter Scott, and Mary Walshok, are included. The issues of knowledge transfer, entrepreneurship, and regional/national economic regeneration have inspired countless programs and initiatives at national and regional levels, and the chapters in this book examine these initiatives, providing both a reference work and a record of practical experience.

Completing the Forecast

Completing the Forecast
Author: National Research Council
Publisher: National Academies Press
Total Pages: 124
Release: 2006-10-09
Genre: Science
ISBN: 0309180538

Uncertainty is a fundamental characteristic of weather, seasonal climate, and hydrological prediction, and no forecast is complete without a description of its uncertainty. Effective communication of uncertainty helps people better understand the likelihood of a particular event and improves their ability to make decisions based on the forecast. Nonetheless, for decades, users of these forecasts have been conditioned to receive incomplete information about uncertainty. They have become used to single-valued (deterministic) forecasts (e.g., "the high temperature will be 70 degrees Farenheit 9 days from now") and applied their own experience in determining how much confidence to place in the forecast. Most forecast products from the public and private sectors, including those from the National Oceanographic and Atmospheric Administration's National Weather Service, continue this deterministic legacy. Fortunately, the National Weather Service and others in the prediction community have recognized the need to view uncertainty as a fundamental part of forecasts. By partnering with other segments of the community to understand user needs, generate relevant and rich informational products, and utilize effective communication vehicles, the National Weather Service can take a leading role in the transition to widespread, effective incorporation of uncertainty information into predictions. "Completing the Forecast" makes recommendations to the National Weather Service and the broader prediction community on how to make this transition.

Bridging the Divide between Faculty and Administration

Bridging the Divide between Faculty and Administration
Author: James L. Bess
Publisher: Routledge
Total Pages: 325
Release: 2014-06-20
Genre: Education
ISBN: 1135017336

Conflicts between faculty and administration have become particularly virulent and disruptive in recent years, as institutions have struggled to adapt to intensifying pressures for efficiency and accountability. Analyzing common sources of conflict and challenges on campus that impede attempts to address these conflicts, Bridging the Divide between Faculty and Administration provides a theory-driven and research-based approach for authentic discourse between faculty and administration. This important resource presents a wealth of strategies for improving communication in colleges and universities, ultimately enhancing organizational effectiveness and institutional performance. Special Features: End-of-chapter "Implications for Practice" provide practical tips and advice for faculty and administrators to use in their own contexts. Analysis of actual conflicts based on extensive interviews with administrators and faculty across a variety of college and university settings. Exploration of creative ways for faculty and administrators to work across differences in their belief systems and to address the underlying sources of conflict.

Institutional Money Management

Institutional Money Management
Author: David M. Smith
Publisher: John Wiley & Sons
Total Pages: 418
Release: 2011-10-27
Genre: Business & Economics
ISBN: 1118148762

An informative look at institutional investment management methods and practice The policies, practices, and decisions of institutional investment managers worldwide affect the economic health of not only the institutions themselves, but of countless individual clients as well. Overall, this area of finance has great impact on the capital markets. Filled with in-depth insights and practical advice, Institutional Money Management is an important basis of knowledge regarding both the theory and practice of this ever-evolving area of finance. Part of the Robert W. Kolb Series in Finance, this book on institutional investment management showcases contributed chapters from professional and academic experts in banking, insurance companies, mutual funds, pension funds, and endowments. Along the way, issues covered included everything from the role of institutional investors within the financial system and the structures that have emerged and evolved to industry standards of ethical practice and investment performance presentation. Provides a detailed examination of the objectives, constraints, methods, and stakeholders for the dominant types of institutional investors Focuses on the portfolio management strategies and techniques used by institutional investors Contains contributed chapters from numerous thought-leaders in the field of finance The practice of institutional investment management presents a diverse set of challenges. But with this book as your guide, you'll gain a better understanding of how you can overcome these challenges and manage your portfolio more effectively.