{"id":"https://openalex.org/W3194724044","doi":"https://doi.org/10.1007/s40926-021-00183-z","title":"Entrepreneurial Beliefs and Agency under Knightian Uncertainty","display_name":"Entrepreneurial Beliefs and Agency under Knightian Uncertainty","publication_year":2021,"publication_date":"2021-08-22","ids":{"openalex":"https://openalex.org/W3194724044","doi":"https://doi.org/10.1007/s40926-021-00183-z","mag":"3194724044"},"language":"en","primary_location":{"id":"doi:10.1007/s40926-021-00183-z","doi":"https://doi.org/10.1007/s40926-021-00183-z","is_oa":true,"landing_page_url":"https://doi.org/10.1007/s40926-021-00183-z","pdf_url":"https://link.springer.com/content/pdf/10.1007/s40926-021-00183-z.pdf","source":{"id":"https://openalex.org/S68051293","display_name":"Philosophy of Management","issn_l":"1740-3812","issn":["1740-3812","2052-9597"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","fnege-4","jufo-1","norway-1","poland-20","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310319900","host_organization_name":"Springer Science+Business Media","host_organization_lineage":["https://openalex.org/P4310319900","https://openalex.org/P4310319965"],"host_organization_lineage_names":["Springer Science+Business Media","Springer Nature"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Philosophy of Management","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"hybrid","oa_url":"https://link.springer.com/content/pdf/10.1007/s40926-021-00183-z.pdf","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5036271123","display_name":"Randall E. Westgren","orcid":"https://orcid.org/0000-0003-1377-979X","observed_orcids":["https://orcid.org/0000-0003-1377-979X"]},"institutions":[{"id":"https://openalex.org/I76835614","display_name":"University of Missouri","ror":"https://ror.org/02ymw8z06","country_code":"US","type":"education","lineage":["https://openalex.org/I76835614"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Randall E. Westgren","raw_affiliation_strings":["Division of Applied Social Sciences, University of Missouri-Columbia, Columbia, USA","Division of Applied Social Sciences, University of Missouri-Columbia, 141 Mumford Hall, Columbia, MO, 65211, USA"],"raw_orcid":"https://orcid.org/0000-0003-1377-979X","affiliations":[{"raw_affiliation_string":"Division of Applied Social Sciences, University of Missouri-Columbia, Columbia, USA","institution_ids":["https://openalex.org/I76835614"]},{"raw_affiliation_string":"Division of Applied Social Sciences, University of Missouri-Columbia, 141 Mumford Hall, Columbia, MO, 65211, USA","institution_ids":["https://openalex.org/I76835614"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5016896736","display_name":"Travis L. Holmes","orcid":"https://orcid.org/0000-0002-2334-3247","observed_orcids":["https://orcid.org/0000-0002-2334-3247"]},"institutions":[{"id":"https://openalex.org/I76835614","display_name":"University of Missouri","ror":"https://ror.org/02ymw8z06","country_code":"US","type":"education","lineage":["https://openalex.org/I76835614"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Travis L. Holmes","raw_affiliation_strings":["Department of Philosophy, University of Missouri-Columbia, Columbia, USA","Department of Philosophy, University of Missouri-Columbia, 438 Strickland Hall, Columbia, MO, 65211, USA"],"raw_orcid":"https://orcid.org/0000-0002-2334-3247","affiliations":[{"raw_affiliation_string":"Department of Philosophy, University of Missouri-Columbia, Columbia, USA","institution_ids":["https://openalex.org/I76835614"]},{"raw_affiliation_string":"Department of Philosophy, University of Missouri-Columbia, 438 Strickland Hall, Columbia, MO, 65211, USA","institution_ids":["https://openalex.org/I76835614"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5016896736","https://openalex.org/A5036271123"],"corresponding_institution_ids":["https://openalex.org/I76835614"],"apc_list":{"value":2780,"currency":"USD","value_usd":2780},"apc_paid":{"value":2780,"currency":"USD","value_usd":2780},"fwci":1.3398,"has_fulltext":true,"cited_by_count":39,"citation_normalized_percentile":{"value":0.80491914,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":88,"max":100},"biblio":{"volume":"21","issue":"2","first_page":"199","last_page":"217"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10315","display_name":"Decision-Making and Behavioral Economics","score":0.6762999892234802,"subfield":{"id":"https://openalex.org/subfields/1800","display_name":"General Decision Sciences"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10315","display_name":"Decision-Making and Behavioral Economics","score":0.6762999892234802,"subfield":{"id":"https://openalex.org/subfields/1800","display_name":"General Decision Sciences"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10058","display_name":"Entrepreneurship Studies and Influences","score":0.2533999979496002,"subfield":{"id":"https://openalex.org/subfields/1405","display_name":"Management of Technology and Innovation"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T14465","display_name":"Leadership, Behavior, and Decision-Making Studies","score":0.015599999576807022,"subfield":{"id":"https://openalex.org/subfields/1803","display_name":"Management Science and Operations Research"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/knightian-uncertainty","display_name":"Knightian uncertainty","score":0.8140000104904175},{"id":"https://openalex.org/keywords/frank-knight","display_name":"Frank Knight","score":0.6859999895095825},{"id":"https://openalex.org/keywords/frank-p-ramsey","display_name":"Frank P. Ramsey","score":0.7419999837875366},{"id":"https://openalex.org/keywords/entrepreneurial-agency","display_name":"entrepreneurial agency","score":0.8629999756813049},{"id":"https://openalex.org/keywords/subjective-probability","display_name":"subjective probability","score":0.6470000147819519},{"id":"https://openalex.org/keywords/risk-versus-uncertainty","display_name":"risk versus uncertainty","score":0.6669999957084656},{"id":"https://openalex.org/keywords/ambiguity","display_name":"ambiguity","score":0.6729999780654907},{"id":"https://openalex.org/keywords/entrepreneurial-beliefs","display_name":"entrepreneurial beliefs","score":0.8140000104904175},{"id":"https://openalex.org/keywords/managerial-hubris","display_name":"managerial hubris","score":0.925000011920929},{"id":"https://openalex.org/keywords/venture-capital","display_name":"venture capital","score":0.781000018119812},{"id":"https://openalex.org/keywords/experiments","display_name":"experimentation","score":0.6549999713897705},{"id":"https://openalex.org/keywords/prototyping","display_name":"prototype development","score":0.9150000214576721},{"id":"https://openalex.org/keywords/market-research","display_name":"market analysis","score":0.9010000228881836},{"id":"https://openalex.org/keywords/uncertainty-mitigation","display_name":"uncertainty mitigation","score":0.6060000061988831},{"id":"https://openalex.org/keywords/pragmatism","display_name":"pragmatism","score":0.5809999704360962}],"concepts":[{"id":"https://openalex.org/C71140485","wikidata":"https://www.wikidata.org/wiki/Q2943226","display_name":"Knight","level":2,"score":0.9620871543884277},{"id":"https://openalex.org/C2779652836","wikidata":"https://www.wikidata.org/wiki/Q1548830","display_name":"Knightian uncertainty","level":3,"score":0.8748970031738281},{"id":"https://openalex.org/C2780522230","wikidata":"https://www.wikidata.org/wiki/Q1140419","display_name":"Ambiguity","level":2,"score":0.6119349002838135},{"id":"https://openalex.org/C527412718","wikidata":"https://www.wikidata.org/wiki/Q855395","display_name":"Interpretation (philosophy)","level":2,"score":0.5762653350830078},{"id":"https://openalex.org/C108170787","wikidata":"https://www.wikidata.org/wiki/Q3951828","display_name":"Agency (philosophy)","level":2,"score":0.5584906339645386},{"id":"https://openalex.org/C84309077","wikidata":"https://www.wikidata.org/wiki/Q3908516","display_name":"Entrepreneurship","level":2,"score":0.4439714252948761},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.44099676609039307},{"id":"https://openalex.org/C118084267","wikidata":"https://www.wikidata.org/wiki/Q26110","display_name":"Positive economics","level":1,"score":0.40747153759002686},{"id":"https://openalex.org/C144024400","wikidata":"https://www.wikidata.org/wiki/Q21201","display_name":"Sociology","level":0,"score":0.4015296697616577},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3996189832687378},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.16111427545547485},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.0813719630241394},{"id":"https://openalex.org/C121332964","wikidata":"https://www.wikidata.org/wiki/Q413","display_name":"Physics","level":0,"score":0.0},{"id":"https://openalex.org/C1276947","wikidata":"https://www.wikidata.org/wiki/Q333","display_name":"Astronomy","level":1,"score":0.0},{"id":"https://openalex.org/C41895202","wikidata":"https://www.wikidata.org/wiki/Q8162","display_name":"Linguistics","level":1,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.1007/s40926-021-00183-z","doi":"https://doi.org/10.1007/s40926-021-00183-z","is_oa":true,"landing_page_url":"https://doi.org/10.1007/s40926-021-00183-z","pdf_url":"https://link.springer.com/content/pdf/10.1007/s40926-021-00183-z.pdf","source":{"id":"https://openalex.org/S68051293","display_name":"Philosophy of Management","issn_l":"1740-3812","issn":["1740-3812","2052-9597"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","fnege-4","jufo-1","norway-1","poland-20","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310319900","host_organization_name":"Springer Science+Business Media","host_organization_lineage":["https://openalex.org/P4310319900","https://openalex.org/P4310319965"],"host_organization_lineage_names":["Springer Science+Business Media","Springer Nature"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Philosophy of Management","raw_type":"journal-article"},{"id":"pmh:oai:philarchive.org/rec/WESEBA-3","doi":null,"is_oa":true,"landing_page_url":"https://philarchive.org/rec/WESEBA-3","pdf_url":"https://philpapers.org/archive/WESEBA-3.pdf","source":{"id":"https://openalex.org/S4306402130","display_name":"PhilPapers (PhilPapers Foundation)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"info:eu-repo/semantics/article"},{"id":"pmh:oai:philpapers.org/rec/WESEBA-3","doi":null,"is_oa":false,"landing_page_url":"https://philpapers.org/rec/WESEBA-3","pdf_url":null,"source":{"id":"https://openalex.org/S4306402130","display_name":"PhilPapers (PhilPapers Foundation)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"info:eu-repo/semantics/article"}],"best_oa_location":{"id":"doi:10.1007/s40926-021-00183-z","doi":"https://doi.org/10.1007/s40926-021-00183-z","is_oa":true,"landing_page_url":"https://doi.org/10.1007/s40926-021-00183-z","pdf_url":"https://link.springer.com/content/pdf/10.1007/s40926-021-00183-z.pdf","source":{"id":"https://openalex.org/S68051293","display_name":"Philosophy of Management","issn_l":"1740-3812","issn":["1740-3812","2052-9597"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","fnege-4","jufo-1","norway-1","poland-20","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310319900","host_organization_name":"Springer Science+Business Media","host_organization_lineage":["https://openalex.org/P4310319900","https://openalex.org/P4310319965"],"host_organization_lineage_names":["Springer Science+Business Media","Springer Nature"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Philosophy of Management","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W3194724044.pdf","grobid_xml":"https://content.openalex.org/works/W3194724044.grobid-xml"},"referenced_works_count":57,"referenced_works":["https://openalex.org/W2106872","https://openalex.org/W114045945","https://openalex.org/W267671988","https://openalex.org/W380790665","https://openalex.org/W1493816286","https://openalex.org/W1557935490","https://openalex.org/W1582170695","https://openalex.org/W1680413150","https://openalex.org/W1895366050","https://openalex.org/W1907721534","https://openalex.org/W1992160928","https://openalex.org/W2005964097","https://openalex.org/W2009274009","https://openalex.org/W2011488107","https://openalex.org/W2016694862","https://openalex.org/W2017563734","https://openalex.org/W2030424346","https://openalex.org/W2038659656","https://openalex.org/W2046942789","https://openalex.org/W2050085398","https://openalex.org/W2094298389","https://openalex.org/W2103759824","https://openalex.org/W2107753258","https://openalex.org/W2130987845","https://openalex.org/W2133752818","https://openalex.org/W2140958637","https://openalex.org/W2331232420","https://openalex.org/W2400126264","https://openalex.org/W2504011805","https://openalex.org/W2516335997","https://openalex.org/W2610173154","https://openalex.org/W2736223526","https://openalex.org/W2797013687","https://openalex.org/W2904206622","https://openalex.org/W2913527708","https://openalex.org/W2973336780","https://openalex.org/W3009162027","https://openalex.org/W3015469787","https://openalex.org/W3033731674","https://openalex.org/W3080557804","https://openalex.org/W3091830901","https://openalex.org/W3123331292","https://openalex.org/W3124671214","https://openalex.org/W3125660378","https://openalex.org/W3143347354","https://openalex.org/W3176907311","https://openalex.org/W4237403557","https://openalex.org/W4250250700","https://openalex.org/W4285719527","https://openalex.org/W6604594126","https://openalex.org/W6626961760","https://openalex.org/W6641529508","https://openalex.org/W6645673069","https://openalex.org/W6662018282","https://openalex.org/W6723330246","https://openalex.org/W6756888513","https://openalex.org/W6825101089"],"related_works":["https://openalex.org/W7009463429","https://openalex.org/W4401268268","https://openalex.org/W3174351411","https://openalex.org/W4413937216","https://openalex.org/W4238864369","https://openalex.org/W4390547309","https://openalex.org/W4416003515","https://openalex.org/W7208179607","https://openalex.org/W4407918527","https://openalex.org/W2965575914"],"abstract_inverted_index":{"Abstract":[0],"At":[1],"the":[2,15,22,110,120,191,214,229,232,235,261,269,297,331],"centenary":[3],"of":[4,18,26,48,63,104,109,123,129,199,216,237,281,299],"Frank":[5,161,323],"H.":[6],"Knight\u2019s":[7,52,85,142,157,171,324],"Risk,":[8],"Uncertainty,":[9],"and":[10,24,39,59,74,145,177,194,265,268,276,284,301,303,314],"Profit":[11],"(1921),":[12],"we":[13,140,159,288],"explore":[14],"continuing":[16],"relevance":[17],"Knightian":[19],"uncertainty":[20,60,187,238,302,318],"to":[21,41,156,165,168,210,234,252],"theory":[23],"practice":[25],"entrepreneurship.":[27],"There":[28],"are":[29],"three":[30],"challenges":[31],"facing":[32],"such":[33,310],"assessment.":[34],"First,":[35,139],"RUP":[36,49,83],"is":[37,50,54,84,150,179],"complex":[38],"difficult":[40],"interpret.":[42],"The":[43],"key":[44],"but":[45,65],"neglected":[46],"element":[47],"that":[51,114,148,188,245,292],"account":[53,248,321],"not":[55,99,206],"solely":[56],"about":[57,66,71,183,296],"risk":[58,300],"as":[61,153,274,311],"states":[62,122],"nature,":[64],"how":[67],"an":[68],"agent\u2019s":[69],"beliefs":[70,78,192],"uncertain":[72,217],"outcomes":[73],"confidence":[75,195],"in":[76,88,137,239,256,279,307,326,330],"those":[77],"guide":[79],"their":[80,197],"choices.":[81],"Second,":[82,152],"only":[86],"effort":[87],"this":[89,105,246],"area.":[90],"His":[91],"subsequent":[92,102],"career":[93],"led":[94],"elsewhere,":[95],"so":[96],"he":[97],"did":[98],"engage":[100],"with":[101,125],"interpretations":[103],"work.":[106],"Third,":[107,287],"much":[108],"current":[111,290],"literature":[112,291,332],"emphasizes":[113],"decisions":[115],"must":[116],"be":[117,211],"different":[118],"under":[119,186],"two":[121],"nature":[124],"a":[126,154,180,250,336],"consequent":[127],"misunderstanding":[128],"entrepreneurial":[130,184,327,334],"agency.":[131],"This":[132,202],"paper":[133],"addresses":[134],"each":[135],"challenge":[136],"sequence.":[138],"explicate":[141],"(1921)":[143],"approach":[144,149,164,204],"explain":[146],"why":[147],"murky.":[151],"complement":[155],"interpretation,":[158],"examine":[160,253],"P.":[162],"Ramsey\u2019s":[163],"subjective":[166],"probabilities":[167],"help":[169],"clarify":[170],"murky":[172],"approach.":[173],"What":[174],"links":[175],"Knight":[176],"Ramsey":[178],"shared":[181],"pragmatism":[182,306],"agency":[185,335],"depends":[189],"upon":[190],"about,":[193],"in,":[196],"judgments":[198],"possible":[200],"outcomes.":[201],"Knight-Ramsey":[203,305],"does":[205],"require":[207],"actor\u2019s":[208],"behaviors":[209],"determined":[212],"by":[213,231],"class":[215],"environment":[218],"(whether":[219],"risk,":[220],"uncertainty,":[221,309],"or":[222],"ambiguity)":[223],"they":[224],"face.":[225],"We":[226,243],"focus":[227],"on":[228,333],"response":[230],"entrepreneur":[233],"existence":[236],"all":[240],"its":[241],"forms.":[242],"argue":[244],"reductive":[247],"provides":[249],"foundation":[251],"common":[254],"problems":[255],"management,":[257],"including":[258],"managerial":[259],"hubris,":[260],"interaction":[262],"between":[263],"entrepreneurs":[264],"venture":[266,285],"capitalists,":[267],"need":[270],"for":[271,317],"experimentation":[272],"(such":[273],"prototyping":[275],"market":[277],"research)":[278],"advance":[280],"new":[282],"product":[283],"launches.":[286],"critique":[289],"favors":[293],"epistemic":[294],"purism":[295],"ontology":[298],"ignores":[304],"meeting":[308],"using":[312],"formal":[313],"informal":[315],"institutions":[316],"mitigation.":[319],"Our":[320],"locates":[322],"subtleties":[325],"behavior":[328],"firmly":[329],"century":[337],"later.":[338]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":30},{"year":2024,"cited_by_count":5},{"year":2022,"cited_by_count":2},{"year":2021,"cited_by_count":1}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2021-08-30T00:00:00"}