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Small Business Economics

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02-02-2021

Subjective value in entrepreneurship

Authors: Per L. Bylund, Mark D. Packard

Published in: Small Business Economics | Issue 3/2022

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Abstract

We produce a definition and argument for explicitly adopting value subjectivism in entrepreneurship research. While the field has progressively shifted toward subjectivism over the past decades, we remain saddled with positivist baggage in our theories’ definitions of key variables, including the concept of value. Although modern scholars readily admit that value is subjective, what is generally meant by this is that it is idiosyncratically determined. We argue that value is more appropriately defined, atop pure subjectivism, as an increase in subjective satisfaction or well-being. We develop and elaborate on this definition and explore its implications for entrepreneurship theory and policy.

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A further distinction can be made between the buyer, who pays for a good, and the consumer, who uses and values it. These are often, but not always, the same (e.g., gift giving). Where they are not, the buyer bases his/her willingness to pay upon an empathy-based expected value estimate—what s/he believes the beneficiary would gain from it. For simplicity, we assume for the remaining discussion that buyer and consumer are the same, although the analysis is very similar when they are not.

Studies of creativity show that human imagination is bounded by the familiar. When drawing alien life-forms, for example, participants tend to resort to human-like attributes, drawing them with human eyes, mouths, and other anthropomorphic features (Ward 1994).

Although the point is, we think, correct, it is unlikely that Ford actually said those words (Vlaskovits 2011).

This logic is constrained to the single-buyer case, or where supply is sufficient to satisfy all demand. Where it is not, the logic is similar, but is extended to the margin. That is, the seller would price her good at the marginal willingness to pay that her supply affords, assuming she could reach the whole market. If she had 10 wares, she would want to price her good at or just below the tenth highest valuing customer’s willingness to pay. If customer awareness and accessibility are a problem, as in real-world scenarios, this logic becomes even more complex, requiring the integration of uncertainty bearing.

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Title: Subjective value in entrepreneurship
Authors: Per L. Bylund
Mark D. Packard
Publication date: 02-02-2021
Publisher: Springer US
Published in: Small Business Economics / Issue 3/2022
Print ISSN: 0921-898X
Electronic ISSN: 1573-0913
DOI: https://doi.org/10.1007/s11187-021-00451-2

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