Effectuation:Rethinking Fundamental Concepts in the Social Sciences (Elements in Business Strategy)

by: Saras Sarasvathy (Author)

Publisher: Cambridge University Press

Publication Date: 2024/6/13

Language: English

Print Length: 78 pages

ISBN-10: 1009475754

ISBN-13: 9781009475754

Book Description

Effectuation has become the basis for educating entrepreneurs and managers. Derived from cognitive and behavioral economic studies of expert entrepreneurs, effectuation shows how to cocreate value in highly uncertain situations. The framework of effectuation consists in techniques that minimize the use of predictive information and ways to tu control itself into strategy. In doing so, the effectual process opens up radically new ways to rethink a variety of fundamental concepts in all the social sciences. This ranges from risk and retu to markets and govements in economics; attitudes toward ends and means in psychology; opportunism and altruism in social psychology; and even success and failure in strategic management. Effectuation theory inverts several older approaches in what Herbert Simon referred to as the ‘sciences of the artificial’. These inversions suggest an entrepreneurial method based on non-predictive control that complements the predictive control techniques of the scientific method.

About the Author

Effectuation has become the basis for educating entrepreneurs and managers. Derived from cognitive and behavioral economic studies of expert entrepreneurs, effectuation shows how to cocreate value in highly uncertain situations. The framework of effectuation consists in techniques that minimize the use of predictive information and ways to tu control itself into strategy. In doing so, the effectual process opens up radically new ways to rethink a variety of fundamental concepts in all the social sciences. This ranges from risk and retu to markets and govements in economics; attitudes toward ends and means in psychology; opportunism and altruism in social psychology; and even success and failure in strategic management. Effectuation theory inverts several older approaches in what Herbert Simon referred to as the ‘sciences of the artificial’. These inversions suggest an entrepreneurial method based on non-predictive control that complements the predictive control techniques of the scientific method.

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