Entrepreneurial Opportunities, Implicit Contracts, and Market Making for Complex Consumer Goods
提出创业机会的利用依赖于市场创造创新，当市场存在逆向选择和道德风险时，创业者需通过隐性契约建立可信承诺，克服消费者退出倾向，但这也带来额外成本。
This article extends the theory of entrepreneurial opportunity exploitation, outlining how under certain conditions, opportunity exploitation is dependent on market making innovations. Where adverse selection and moral hazard characterize markets, consumers are likely to withdraw regardless of product quality. In order to overcome consumer resistance, entrepreneurs must signal credible commitments. But because consumers purchase without fully specifying requirements, entrepreneurs' commitments take the partial form of implicit contracts, creating strong mutual commitments to repeated transactions. These commitments enable novel markets to function, but introduce additional costs. This article illustrates the theory with the historic case of Singer in sewing machines. © 2013 The Author. Strategic Entrepreneurship Journal published by John Wiley & Sons Ltd on behalf of Strategic Management Society.