![]() If two computer programs accomplish the same task, the one with less code is inevitably more efficient. This logic promotes the transfer of private information and resources … and motivates to search for integrative rather than zero-sum outcomes.When used correctly, Occam's razor works. Social ties “interject expectations of trust and reciprocity into the economic exchange that, in turn, activate a cooperative logic of exchange. SOLUTIONS TO A SECOND PROBLEM – EX POST MONITORING Board of Directors Keys to subsequent capital Social Capital SOLUTIONS TO THE LEMON’S PROBLEM Incentives Staging of capital Social Capital Due Diligence Sample of over 64,000 Swedish males followed between 1994-2001. Problem Domain: seeking capital or other resources Dilemma 2: Entrepreneur can engage in opportunistic behavior Dilemma 1: Entrepreneurs are reluctant to fully disclose idea A MARKET FOR LEMONS Lesson # 4 Social capital & EntrepreneurshipĮntrepreneurship exists precisely because people do not have equal information or beliefs - Kirzner (1973) If a resource owner held the same beliefs and information as an entrepreneur, she would adjust the price to the point where the entrepreneurial profit would be eliminated.
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