Entrepreneurial Decision-Making Under Risk

Abstract

Abstract This research addresses how entrepreneurs may make different decisions compared to non-entrepreneurs when they face the same opportunities. We begin by considering the nexus between opportunities and entrepreneurs/non-entrepreneurs. From an entrepreneur’s perspective, based on dual-process theory, we examine how different thinking styles influence decision-making. From an opportunity perspective, based on prospect theory, we test how different types of opportunity framing influence decision-making. The results indicate that entrepreneurs and non-entrepreneurs assess opportunities differently. Our research design also provides a new method to elicit both the subjective value model and the probability-weighting model.

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