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Abstract
We review the major existing theoretical propositions of several economic schools of thought on the role of entrepreneurship and its equilibrating vs. disequilibrating effect in the economy. We then introduce a cooperative game theory model of the market process in which we provide formal definitions of creation and discovery entrepreneurship, and employ a computer simulation of this model that allows us to visualize and analyze the dynamic entrepreneurial market process through time. Based on this formal analysis, we suggest important refinements of existing theoretical propositions regarding the economic nature of entrepreneurship that can help build stronger micro-foundations for entrepreneurship theory.
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