Entrepreneurial team's risk‐based decision‐making: A dynamic game analysis

It is well‐known that some cognitive factors such as opportunity perception and risk perception influence entrepreneurial risk‐based decision‐making (RBDM). This paper proposes some rules of entrepreneur's risk decision‐learning to address this RBDM taking cognitive factors into consideration. The learning mechanisms of entrepreneurial team's RBDM is derived based on entrepreneur's perception evolution. The paper employs a system dynamics model to analyze the entrepreneurial team's risk decision‐learning. A case study is conducted to demonstrate the entrepreneurial RBDM process with cognitive factors.