The building blocks of our model are bounded-rational actors with specific sets of endowments: ’entrepreneurial spirit’, human capital and venture capital. The entrepreneurial behavior to found a firm is triggered by the individuals’ endowments, their social network and the evaluation of...

Efficiency measurement naturally requires the definition of a frontier as a benchmark indicating efficiency. Usually a measure reflecting the distance of a data point to the frontier indicates the level of efficiency. One of the crucial characteristics to distinguish efficiency measurement tools...

In this position paper we deal with the conception of heterogeneity as both the force and the result of evolutionary change. We ask, how this heterogeneity can be measured empirically and how we can get a measure which allows to get a broad comparable empirical account especially on several...

In this paper we add new results to the emerging field of investigating productivity levels rather than productivity change, as initiated by Hall and Jones (1996, 1997). To obtain measures of relative productivity levels we depart from traditional growth accounting and calculate the Malmquist...

The objective of this paper is twofold. First we discuss, whether data envelopment analysis can be applied to households' consumption activities on the basis of Kelvin Lancaster's approach to consumer choice. Then, we apply data envelopment analysis to identify inefficiencies in a subsector of...

This paper reviews empirical and theoretical work concerning the relationship between innovative activities of firms and the dynamics of industries. Stylized facts on industry evolution and the analysis of industrial dynamics in general are a first building block. This discussion just reflects a...

In this paper the relatively new technique of neural nets is integrated in a traditional model of portfolio choice. On the basis of Arrow’s State Preference Model the investment decision depends on the expectation building process which consists of two components. The individual information...

50 Jahre nach Joseph A. Schumpeters Tod am 8. Januar 1950 ist sein wissenschaftliches Werk noch immer von aktueller Relevanz. Professor Horst Hanusch, Generalsekretär der Internationalen Joseph A. Schumpeter Gesellschaft, würdigt das Werk des bedeutenden Ökonomen.

Future-orientation or innovativeness is a leading credo in the EU's economic policy agenda of the 21st century. It started in the year 2000 with the Lisbon Agenda, the first 10 years plan in which Europe should have become the most competitive and dynamic knowledge-based economic region in the...