Matching Ideas To Institutions Under Uncertainty
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Author | : Jason Potts |
Publisher | : Oxford University Press |
Total Pages | : 281 |
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.
Author | : Andrew C. Corbett |
Publisher | : Emerald Group Publishing |
Total Pages | : 327 |
Release | : 2012-07-17 |
Genre | : Business & Economics |
ISBN | : 1780529015 |
Volume 14 addresses the central issue of entrepreneurial action: while many factors are important to the phenomenon of entrepreneurship, entrepreneurship does not happen until someone takes action!
Author | : Darcy W E Allen |
Publisher | : World Scientific |
Total Pages | : 205 |
Release | : 2020-10-21 |
Genre | : Business & Economics |
ISBN | : 1786349205 |
When Entrepreneurs Meet: The Collective Governance of New Ideas challenges our understanding of how entrepreneurs crystallize opportunities surrounding new technologies. While innovation is the fundamental driver of growth and prosperity, how the earliest stages of entrepreneurship are governed remains elusive. This book creates a new, institutional approach to understanding entrepreneurship before emphasizing how entrepreneurs create governance structures to coordinate new knowledge resources.Rather than the conventional view that entrepreneurship happens inside firms, this unique transaction-cost economics analysis of entrepreneurship suggests it might begin earlier in hybrid, polycentric self-governance structures, including the innovation commons. Allen explores and analyses various examples of these structures, including hackerspaces and the institutions coalescing around the development of the blockchain economy, along with the dynamics of how those institutions might collapse into firms. This new understanding of the entrepreneurial governance problem is also connected to contemporary questions about the purpose, scope, and application of innovation policy.
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.
Author | : University of Michigan |
Publisher | : UM Libraries |
Total Pages | : 760 |
Release | : 1972 |
Genre | : Education, Higher |
ISBN | : |
Each number is the catalogue of a specific school or college of the University.
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
Author | : Robert K. Dixit |
Publisher | : Princeton University Press |
Total Pages | : 484 |
Release | : 2012-07-14 |
Genre | : Business & Economics |
ISBN | : 1400830176 |
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.
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.
Author | : Soichiro Takagi |
Publisher | : World Scientific |
Total Pages | : 176 |
Release | : 2021-10-25 |
Genre | : Technology & Engineering |
ISBN | : 9811243719 |
Deframing Strategy describes how digital technologies are changing the world. Rather than simply showing cases on digital applications, this book deeply analyses the fundamental shift in the society caused by digital transformation (DX), from an economic perspective. Based on the three elements of 'deframing' — dissolution and reintegration, specific-optimization, and individualization — it discusses how digital technologies are affecting the industrial structure, business models, and workstyles. The arguments presented in the book are backed up by a wide range of applications such as mobile payments, shared economy, food delivery, retail transformation, mass customization, co-working spaces, and social media marketing, throughout the world. The importance of 'deframing' has increased significantly during the ongoing COVID-19 pandemic period, where incumbent businesses and economies have had to strengthen themselves to respond to the turbulence. Originally published in Japanese in 2019, this book contains updated case studies and data that are particularly important in responding to economic and social evolutions.
Author | : David Seth Preston |
Publisher | : Rodopi |
Total Pages | : 246 |
Release | : 2002 |
Genre | : Education, Higher |
ISBN | : 9789042015708 |
This book began as a collection of papers presented at a conference entitled 'The Future Business of Higher Education' held at Oxford University. The contributions range from those who grapple with the question of what a University should do, through those concerned with making Higher Education more efficient, to some who were already planning for some technologically inevitable virtual future. These disparate leanings led to inevitable conflict and a challenge in editing into book form. In compiling and editing the chapters the editor has tried to preserve some of the diversity of opinion presented at Oxford. By doing so it is apparent that some individual contributors would find unacceptable much of what others in the book have to say. The traditionalists clash with the modernizers, the Left with the Right, Public with Private and the theorists with the practitioners. It is this very divergence of philosophical opinion as to the future of Higher Education that makes this book such an enjoyable and stimulating read.