On Building Math Models Out of Business Theory

Abstract

This research methods case study focuses on the path of applying mathematical models and methods to business dilemmas, most notably problems faced by entrepreneurs. It recounts my experience as a PhD student in applying my mathematical perspective to entrepreneurship. Specifically, I was modeling the unique dynamics of cooperation and competition that drive early entrepreneurship within a nascent industry. I explain the intellectual path that led me to this idea, and then how I had to change my idea several times to fit the entrepreneurship literature and math modeling. I describe lessons learned about doing research that touch on several disciplines and provide suggestions as to what one’s goals should be when applying mathematics to entrepreneurship. In the end, my research helped explain the dynamics of entrepreneurial competition for customers in a nascent industry. The case is organized into five parts: (a) introduction and overview of game theory models and entrepreneurship, (b) personal context, (c) research design and practical thoughts on applying math to business and entrepreneurship, (d) struggles and successes in the research project, and (e) conclusion and final thoughts

locked icon

Sign in to access this content

Get a 30 day FREE TRIAL

  • Watch videos from a variety of sources bringing classroom topics to life
  • Read modern, diverse business cases
  • Explore hundreds of books and reference titles