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Opportunity Recognition

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Abstract

In the traditional microeconomic approach, agents are fully informed, opportunities are already known and a situation of equilibrium is assumed in the first place. This setting, however, posits what needs to be explained: the process by which opportunities are recognized and dispersed information is marshalled. Some economists, such as Israel Kirzner, as well as the current research in management and organization, have realized the theoretical importance of opportunity recognition for understanding the market process. In these approaches, opportunities, which may or may not be stipulated to exist objectively, can be discovered, created or imagined.

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Correspondence to Frederic Sautet .

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Sautet, F. (2016). Opportunity Recognition. In: Augier, M., Teece, D. (eds) The Palgrave Encyclopedia of Strategic Management. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-94848-2_557-1

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  • DOI: https://doi.org/10.1057/978-1-349-94848-2_557-1

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  • Online ISBN: 978-1-349-94848-2

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