Person: Lejarraga, José
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José
Last Name
Lejarraga
Affiliation
IE University
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IE Business School
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Entrepreneurship
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Publication Bounded rationality: Cognitive limitations or adaptation to the environment? The implications of ecological rationality for management learning(2020-10-26) Pindard, Lejarraga, Maud; Lejarraga, José; https://ror.org/02jjdwm75We examine why bounded rationality continues to be considered an inferior form of rationallity in the field of management and what this implies for business education and practice. We develop a critique of the dominant and widespread conceptualization of heuristics as flawed and error-prone and argue that this poses unnecessary constraints for the field of management. We discuss consequences of that interpretation of bounded rationality and propose ecological rationality as an alternative, positive interpretation. Ecological rationality considers a decision maker’s environment and aims to identify how and when heuristics generate good outcomes. Evidence suggests that heuristics perform best when problems are ill-defined, many information cues are available, but they are not equally valuable, and there are many possible courses of action, that is, in the uncertain environments that are characteristic of managerial decision making. We contribute by (1) highlighting the distinctiveness of the ecological rationality framework for management learning, (2) acknowledging how it can help rehabilitate bounded rationality in the field of management against its widespread characterization as an inferior form of rationality; and (3) by identifying how it can provide practicable recommendations for managerial learning and decision making.Publication Getting Your Hopes Up but Not Seeing Them Through? Experiences as Determinants of Income Expectations and Persistence During the Venturing Process(Taylor & Francis, 2020-01-16) Lejarraga, José; Pindard, Lejarraga, Maud; Tietz, Matthias; https://ror.org/02jjdwm75In this study, we investigate the effects of industry and startup experiences on income expectations and persistence of nascent entrepreneurs. We posit that experience can have two interrelated effects: (1) it provides skills that may affect persistence, but also (2) affects performance expectations. We develop and test hypotheses about the impact of industry and startup experience on both expectations and persistence. Data of 808 nascent entrepreneurs from the Panel Study of Entrepreneurial Dynamics show that industry experience increases income expectations and persistence alike, whereas startup experience increases expectations without increasing persistence. We discuss implications for scholarship and practice.