To effectuate is to engage in a specific type of entrepreneurial
action. It has special importance for situations where the future
is truly unknowable or human agency is of primary importance. In
Effectuation, Saras Sarasvathy explores the theory and techniques
of non-predictive control for creating new firms, markets and
economic opportunities. Using empirical and theoretical work done
in collaboration with Nobel Laureate Herbert A. Simon, the author
employs methods from cognitive science and behavioral economics to
develop the notion of entrepreneurial expertise and effectuation.
Supportive empirical evidence is provided by the author's study of
27 entrepreneurs as well as other independent studies. The book
then traces the consequences of effectuation for business
management, economics and social philosophy. The author finds that
effectuators generate constraint-satisfying solutions rather than
searching for optimal ones, make rather than find opportunities,
and in a deep sense, convert 'as-if' propositions into 'even-if'
ones. The way they accomplish this is the central discussion of the
book. Students and scholars of entrepreneurship will find this
path-breaking research of great value. The book's conclusions will
also be of interest to those in the fields of behavioral and
evolutionary economics, cognitive science and management.
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