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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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Shared Mental Models, Catch-up Development and Economic Policy-Making: The Case of Germany after World War II and Its Significance for Contemporary Russia AgEcon
Zweynert, Joachim.
The paper deals with the connection between politically induced catch-up development, cultural and intellectual traditions and economic order in Germany and Russia. It is argued that in the history of both countries we encounter significant structural parallels, including the totalitarian experience. After World War II the German political elite managed to implement capitalism in a country, the population of which was still hostile towards capitalism. The key to success was that the German political rulers, in contrast to the Russian "young reformers" of the early 1990s, from the beginning on took into account the shared mental models prevailing in Germany. Therefore some lessons may be drawn from the German historical experience in regard to today's Russia.
Tipo: Working or Discussion Paper Palavras-chave: Cultural Economics; Economic Development; Transition; Totalitarianism; International Development; B25; P51; Z10.
Ano: 2004 URL: http://purl.umn.edu/26304
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Transfer of Institutions: Actors and Constraints - The Russian Case in a Global Context AgEcon
Oleinik, Anton.
Modernity is usually thought as a complex society with clearly differentiated spheres of everyday life. It means, in particular, that economic rules do not interfere with the norms structuring political, social, scientific and other interactions. The complex, differentiated society sharply contrasts with a "small" and homogeneous "pre-modern" society. The process of modernization, i.e. differentiation of the spheres of everyday life, can take various forms. In an advanced country it relies on internal forces. Modernization in this context looks like an evolutionary, "bottom-up" development. In a backward country (Russia and Germany in the first half of the 20th century), modernization requires a strong governmental (from the top to the bottom)...
Tipo: Working or Discussion Paper Palavras-chave: State bureaucracy; Economic backwardness; Catch-up modernization; Conservative modernization; Opportunism; Institutional constraints; Power; Authority; Invidious comparison; Institutional importation; Democracy; Shared mental model; Institutional and Behavioral Economics; A13; A14; B15; B25; B52; D73; H83; K42; N40; O17; P21; P37; P51.
Ano: 2005 URL: http://purl.umn.edu/26333
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