Scandinavian Working Papers in Economics

Working Papers,
Lund University, Department of Economics

No 2012:4: Entrepreneurs under Uncertainty: An Economic Experiment

Håkan J. Holm (), Sonja Opper () and Victor Nee ()
Additional contact information
Håkan J. Holm: Department of Economics, Lund University, Postal: Department of Economics, School of Economics and Management, Lund University, Box 7082, S-220 07 Lund, Sweden
Sonja Opper: Department of Economics, Lund University, Postal: Department of Economics, School of Economics and Management, Lund University, Box 7082, S-220 07 Lund, Sweden
Victor Nee: Cornell University

Abstract: This study reports findings from the first large scale experiment investigating whether entrepreneurs differ from other people in their willingness to expose themselves to various forms of uncertainty in decision tasks. A stratified random sample of 700 CEOs from the Yangzi delta region in China is compared to 200 control group members. Our findings suggest that entrepreneurs’ seem to be more willing to accept some forms of strategic uncertainty related to multilateral competition and trust. In contrast, entrepreneurs do not seem to differ from ordinary people when it comes to non-strategic forms of uncertainty, such as risk and ambiguity

Keywords: Entrepreneurship; Risk; Ambiguity; Willingness to Compete; Trust

JEL-codes: C93; D21; L21

76 pages, January 30, 2012

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