This article examines the process by which entrepreneurs identify and work with an arbitrage opportunity emerging from an episodic crisis. Although prior research has investigated the role of entrepreneurial characteristics and context on opportunity development, the specific manner in which these factors emerge in the course of opportunity development during a crisis remain underexplored. By adopting a qualitative approach grounded in case studies of eight entrepreneurs in the US distillery industry, this article addresses that gap by examining the process of arbitrage opportunity development during COVID-19. Our study reveals the primacy of both causation and effectuation-based entrepreneurial decision logics and the role of double-loop learning, as entrepreneurs interact with the time-compressed duration of the arbitrage opportunity. Implications and insights for entrepreneurs, researchers and policymakers are discussed.

本文探讨了企业家识别和利用从偶发性危机中出现的套利机会的过程。尽管先前的研究已经调查了企业家特征和背景对机会发展的作用，但这些因素在危机期间机会发展过程中出现的具体方式仍未得到充分探索。通过采用基于美国酿酒业八位企业家案例研究的定性方法，本文通过研究 COVID-19 期间套利机会发展的过程来解决这一差距。我们的研究揭示了因果关系和基于效果的企业家决策逻辑的首要性以及双环学习的作用，因为企业家与套利机会的时间压缩持续时间相互作用。