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Economic Returns to Entrepreneurial Behavior AgEcon
Ross, R. Brent; Westgren, Randall E..
Highly turbulent environments require firms to act entrepreneurially. The returns to entrepreneurial activities are known as entrepreneurial rents. Following the payments perspective, these rents are allocated to the entrepreneurial resources of the firm as factor payments. However, unlike other factor payments, little is known about how to value these types of rents. An analysis of the economics and management literature reveals that entrepreneurial rents are a return to alertness, subjective judgment, asset control, and uncertainty bearing. Furthermore, entrepreneurial rents are noncontractible and temporary. This paper introduces two complementary valuation models that capture these characteristics and that explicitly impute value to various...
Tipo: Journal Article Palavras-chave: Entrepreneurship; Factor payments; Subjective judgment; Uncertainty; Agribusiness; Risk and Uncertainty; M13; B12; B25; P23; Q13.
Ano: 2006 URL: http://purl.umn.edu/43776
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Scarcity and Growth in the New Millennium: Summary AgEcon
Simpson, R. David; Toman, Michael; Ayres, Robert U..
In their 1963 classic Scarcity and Growth Howard Barnett and Chandler Morse argued that resource scarcity did not threaten economic growth. A second investigation in the late 1970s, Scarcity and Growth Reconsidered, reached largely the same conclusion. The 25 years since that work was published have witnessed many developments. The message of Scarcity and Growth that depletion of market resources was not a problem has given way to a concern that "new scarcities" of environmental quality, global climate, and biological diversity are emerging. Resources for the Future recently assembled a distinguished group of international scholars to again address scarcity and growth. This paper describes their charge and summarizes their findings. Technological progress...
Tipo: Working or Discussion Paper Palavras-chave: History of economic thought; Technological change; Renewable resources and economy; Research and Development/Tech Change/Emerging Technologies; B12; B20; N50; O13; O14; O33; O47; Q20; Q32.
Ano: 2004 URL: http://purl.umn.edu/10835
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