Author ORCID Identifier

Mark D. Packard

Document Type

Article

Publication Date

8-1-2017

Publication Title

Organization Science

Volume

28

Issue

5

Abstract

While judgment has hitherto typically been viewed as a discrete decision process, we propose that it be conceptualized instead as a continuous and dynamic process of reassessment and revision. Adopting this approach, we revisit the nature of entrepreneurial decision making under uncertainty. We begin with a novel typology of uncertainty that defines and delineates different types of uncertain contexts. We then examine the nature of decision making within these distinct contexts, highlighting differences in how entrepreneurs make decisions within different types of uncertainty. We build these insights into a theory of the entrepreneurial process that highlights the transitory nature of uncertainty as entrepreneurs make certain judgments and revise those judgments over time. We discuss how uncertainty transitions throughout the judgment process, how the judgment process continues dynamically even after a judgment is made, and how the nature of uncertainty shifts over time due to endogenous and exogenous change.

Comments

The published version can be found here: https://doi.org/10.1287/orsc.2017.1143

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