Cognitive Opening and Closing: Toward an Exploration of the Mental World of Entrepreneurship

Abstract

Purpose – To define the links between cognition and entrepreneurial behavior by highlighting the problem of complexity in the difficult trade-off between discovery of new opportunities and exploitation of current opportunities.

Methodology/approach – To interrelate Austrian tools (Hayek, Kirzner, Lachmann) with lessons from experimental economics.

Research limitations and implications – This contribution enters the world of entrepreneurship to show where the mental rigidities opposing discoveries lie.

Originality/value of paper – To use experimental economics to widen our understanding of entrepreneurship and invite the Austrian scholars to imagine other protocols that might deepen the analysis.

Citation

Aimar, T. (2011), "Cognitive Opening and Closing: Toward an Exploration of the Mental World of Entrepreneurship", Marsh, L. (Ed.) Hayek in Mind: Hayek's Philosophical Psychology (Advances in Austrian Economics, Vol. 15), Emerald Group Publishing Limited, Leeds, pp. 241-257. https://doi.org/10.1108/S1529-2134(2011)0000015017