点击头像下方的“+加关注”或者订阅【Shibor文库】可以第一时间了解我的资料更新，您的鼓励是我前进的动力！！！

Learning in Entrepreneurship

Most new ventures fail. So why do people become entrepreneurs? One explanation is that entrepreneurs are excessively over-confident or have other cognitive biases. Another is that they have non-standard preferences, in particular that they value non-pecuniary benefits of entrepreneurship, like being one's own boss or doing social good.

These explanations are to some degree at odds with canonical models of firm dynamics, in which entrepreneurs enter an industry and incumbent managers exit in response to new information about the net present value of the enterprise. The models contain an explicit or implicit learning process that is in general rational and homogenous.

Sabrina T. Howell studies this learning process at a microeconomic level in an effort to shed light on the puzzle of entry into entrepreneurship. She uses novel data from nearly a hundred new-venture competitions to show that negative feedback increases the chances a venture is abandoned. Further, learning in the sense of improvement predicts subsequent financing and employment.