Subjective Value in Entrepreneurship

Bylund, Per L, & Mark Packard. Forthcoming. "Subjective Value in Entrepreneurship." Small Business Economics

36 Pages Posted: 2 Mar 2021

See all articles by Per L. Bylund

Per L. Bylund

School of Entrepreneurship; Ratio Institute; Mises Institute

Mark Packard

Florida Atlantic University

Date Written: April 24, 2020


We produce a definition and argument for explicitly adopting value subjectivism in entrepreneurship research. While the field has progressively shifted toward subjectivism over the past decades, we remain saddled with positivist baggage in our theories’ definitions of key variables, including the concept of value. Although modern scholars readily admit that value is subjective, what is generally meant by this is that it is idiosyncratically determined. We argue that value is more appropriately defined, atop pure subjectivism, as an increase in subjective satisfaction or well-being. We develop and elaborate on this definition and explore its implications for entrepreneurship theory and policy.

Keywords: Entrepreneurship, subjectivism

JEL Classification: L26, D46

Suggested Citation

Bylund, Per L. and Bylund, Per L. and Packard, Mark, Subjective Value in Entrepreneurship (April 24, 2020). Bylund, Per L, & Mark Packard. Forthcoming. "Subjective Value in Entrepreneurship." Small Business Economics, Available at SSRN:

Per L. Bylund (Contact Author)

School of Entrepreneurship ( email )

Oklahoma State University
424 Business building
Stillwater, OK 74078
United States
4057444301 (Phone)


Ratio Institute ( email )

P.O. Box 3203
SE-103 64 Stockholm

Mises Institute ( email )

518 West Magnolia Avenue
Auburn, AL 36832
United States


Mark Packard

Florida Atlantic University ( email )

777 Glades Road
Boca Raton, FL 33433
United States

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