Entrepreneurial action takes place in a context of Knightian uncertainty. In order to overcome this uncertainty, entrepreneurs engage in a process of judgment resulting in a decision about the course of action. Institutions arise mainly to reduce economic friction by providing structure to human interaction and thus reducing uncertainty. However, institutions may also introduce further uncertainty and thus disrupt the judgment process preceding entrepreneurial action. The present paper builds upon recent efforts to integrate the concepts of uncertainty and institutions within the entrepreneurial context. Drawing on Frank H. Knight's seminal insight, the judgment-based view of entrepreneurship, and relevant concepts of entrepreneurial outcomes, the main contribution of the paper lies in the development of a model offering a coherent description of the way institutions affect uncertainty and the entrepreneurial process.

中文翻译：

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制度、不确定性和企业家判断

创业行动发生在奈特不确定性的背景下。为了克服这种不确定性，企业家参与了一个判断过程，从而对行动方案做出决定。制度的出现主要是通过为人类互动提供结构从而减少不确定性来减少经济摩擦。然而，制度也可能引入更多的不确定性，从而扰乱创业行动之前的判断过程。本文建立在最近将不确定性和制度概念整合到创业环境中的努力之上。借鉴 Frank H. Knight 的开创性洞察力、基于判断的创业观以及创业成果的相关概念，