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Heuristics in entrepreneurial opportunity evaluation : a comparative case study of the Middle East and Germany

  • Heuristics are mental shortcuts applied, consciously, subconsciously or both, to save time and efforts at the expense of risking the accuracy of the outcome. Therefore, one might argue that it is just an accuracy-effort trade-off. Nonetheless, we ought to recognize the distinction between the circumstances of risk, where all choices, outcomes, and probabilities might be generally known, and the circumstances of uncertainty, where, at least some, are not. Traditional models like the Subjective Expected Utility (SEU) work best for decisions under risk but not under uncertainty, which portrays most situations people need to tackle. Uncertainty requires simple heuristics that are sufficient instead of perfect. In this dissertation, the notion of heuristics was researched through a comprehensive historical review that unfolded the heuristics-linked ideas of significant scholars. An explicit distinction between the deliberate and the automatic heuristics was stated with chronological categories of pre and post-introduction of the SEU theory; providing a new perspective and opening a discussion for future research to consider. Additionally, qualitative and quantitative studies were applied that produced an unsophisticated heuristic set that was used by entrepreneurs in the Middle East and Germany. Perhaps entrepreneurs, and people in general, do not always know or acknowledge their use of heuristics. But still, they use it extensively and may exchange heuristics among others. That may lead us to think that in a world where uncertainty prevails, the Homo heuristicus might become a real threat to the Homo economicus.

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Document Type:Doctoral Thesis
Author:Mohamad HjeijORCiD
Referee:Arnis VilksORCiD, Vivek K. VelamuriORCiD
Chairs and Professorships:Chair of Entrepreneurship and Technology Transfer
Chair of Microeconomics
Full text/ URN:urn:nbn:de:bsz:14-qucosa2-826140
Place of publication:Leipzig
Date of Publication (online):2022/12/09
Page Number:127
Year of first Publication:2022
Date of final exam:2022/11/08
Tag:Chancenbewertung; Deutschland; Entscheidungsfindung; Heuristik; Naher Osten; Unternehmertum
Decision-making; Entrepreneurship; Germany; Heuristics; Middle East; Opportunity evaluation
Dissertation, HHL Leipzig Graduate School of Management, 2022
- Hjeij, Mohamad, Vilks, Arnis. A brief history of heuristics : How did research on heuristics evolve? URN: urn:nbn:de:101:1-2020122213441412832618
- Hjeij, Mohamad: The heuristics applied by tech entrepreneurs in the Middle East during opportunity evaluation. https://doi.org/10.1108/JEEE-07-2021-0294
Licence (German):License LogoCreative Commons - CC BY - Namensnennung 4.0 International