A Hubris Theory of Entrepreneurship
提出创业的狂妄理论，解释为何在创业失败率高企的背景下仍有大量新创企业诞生：过度自信的创始人更易启动创业，并在资源分配中做出错误决策，从而增加失败风险。
This paper develops a hubris theory of entrepreneurship to explain why so many new ventures are created in the shadow of high venture failure rates: More confident actors are moved to start ventures, and then act on such confidence when deciding how to allocate resources in their ventures. Building on theory and evidence from the behavioral decision-making literature, we describe how founders’ socially constructed confidence affects the manner in which they interpret information about their prior and current ventures. We then link founders’ propensity to be overconfident to their decisions to allocate, use, and attain resources. In our model, founders with greater socially constructed confidence tend to deprive their ventures of resources and resourcefulness and, therefore, increase the likelihood that their ventures will fail.