![]() Changes in institutional and market conditions have been until now mainstream explanations for the emergence of art movements such as Cubism. The rise of art movements: an effectual process model of Picasso’s and Braque’s give-and-take during the creation of Cubism (1908–1914)Ĭubism was the most influential movement in modern art, and Pablo Picasso transformed the art world like no other figure before him. Furthermore, these components are encapsulated in a process involving identity, affect, and resourcefulness leading to the entry-stage entrepreneurial investment decision. The model breaks affordable loss into two components-ability and willingness, and connects these to the concept of loss aversion from prospect theory. Based on an exploratory study of seven ventures from the Caribbean island of Curacao, this paper develops an elaborated process model of the affordable loss heuristic in effectuation. Although dozens of empirical studies have been published on effectuation as a whole, much work remains to be done on elaborating each principle in more depth. ![]()
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