Cognitive biases and overcrowded markets
5 important questions on Cognitive biases and overcrowded markets
CQ 1: Why do so many entrepreneurs enter the same market?
- Simultaneous market entry & reference group neglect
- Individual market entry & overconfidence
CQ 2: Is it problematic when entrepreneurs start with unrealistic expectations? (2)
- Overcrowded market: low income of entrepreneurs, high failure rate of businesses
- Entry of many entrepreneurs in the market may also foster competition and learning
CQ 3: Can the market exploit entrepreneurs? (the case of the 'gig economy')
- Higher grades + faster learning
- Never study anything twice
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What is a 'gig economy'? (2)
- In a gig economy, temporary, flexible jobs are commonplace and companies tend toward hiring independent contractors and freelancers instead of full-time employees
- A gig economy undermines the traditional economy of full-time workers who rarely change positions and instead focus on a lifetime career
What are the perspectives and conclusions of the 'Deliveroo' case?
- Individual perspective:
- security versus flexibility
- pay during heavy snowfall
- that some riders want
- Market perspective
- unfair competition versus efficiency
- restaurants
- less downtime
- Societal perspective
- Tax revenues versus availability of low-costs services
- Baumol?
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
