It is widely recognized that entrepreneurship is vital to regional economic development. And recent studies in entrepreneurial expertise have shown that effectuation is important to doing entrepreneurship well. Furthermore, since expertise involves teachable and learnable aspects of a knowledge...

For almost fifty years now, following the trail of issues raised by economists such as Hayek, Schumpeter, Kirzner and Arrow, researchers have studied the economics of technological change and the problem of allocation of resources for invention (invention being the production of information)....

In this article, we propose an entrepreneurial theory of the firm that is based on dispersed knowledge. We argue that the dispersion of knowledge over people and places and over time leads to uncertainty. This uncertainty, combined with heterogeneous expectations and the nexus of an individual...