A Theory of Entrepreneurial Opportunity Discovery, Knowledge Creation, and Decision-Making

The philosophy and methodology of Bayesian statistics bring with it a “style of reasoning” which may inform organizational researchers as they seek to conceptualize and model managerial decision-making processes. The style of reasoning of the Bayesian approach, in which posterior probabilities of the hypothesis are rigorously and continuously updated given new data, appears to closely model the researched observed decision behavior of a very...