Join us at this week's meeting of the Philosophy Club virtually or in-person (Auerbach 320) this Wednesday, Oct. 7 from 1 p.m.—2 p.m. as Assistant Professor Aydin S. Oksoy (Barney) presents: A Priori Information Guiding Business Judgment.
Logicians, scientists, entrepreneurs, and people of all professions have long noted the importance that estimating the probability of events has to the management of our everyday lives. Short of predicting events with certainty, which we almost never can do, we recognize the more humble plateau of predicting their probabilities. In that regard, we have long acknowledged to distinct approaches: that of a priori calculation from an established set of fixed parameters, such as predicting coin flips, and, in the absence of sure knowledge of fixed parameters from which to calculate, a posteriori statistical analysis: studying and recording actual event occurrences and drawing inductive predictions from them. In fact, even if I ignored the a priori analysis of coin-flip probability and just did a long, empirical study, I would eventually discover the same probability results by experience that I could have known a priori; moreover, those results, even though gained empirically, are capable of being recognized and accepted by us as intrinsically a priori in nature.
A similar question is now coming to the fore in the business world, specifically in entrepreneurial management. Researchers in this field have long preferred almost complete reliance on empirical data from which to base their probability judgments for business management. Recently, new efforts are being made to bolster our accrued a posteriori managerial wisdom with a priori principles. The paper here presented by Dr. Oksoy is an exemplary case of the fruits of those efforts. Full document here.
With a PhD in Strategic Management from Old Dominion University and Industry Experience from a varied professional career spanning corporate roles (M&A, strategic analysis and planning), operational management with P&L responsibilities, software and paint/coating consulting, and apparel entrepreneurship, Aydin S. Oksoy wields academic expertise in the areas of Organizational theory, institutional economics (transaction cost economics), negotiation power structures, and angel investments in the informal risk capital market
In Dr. Oksoy’s own words:
"Entrepreneurship is fast becoming a pillar of higher education because it blends strategic management, accounting, cognition, and economics, with raw logic and reasoning.
My current research agenda spans organizational theory, institutional economics (transaction cost economics), and power as it relates to the structure of a negotiation. The overarching theme of the current agenda pertains angel investment into entrepreneurial ventures in what is referred to as the informal risk capital market.
This market is, by-definition, inefficient, and the ultimate objective of this agenda is to develop entrepreneurial ecosystems that provide pockets of efficiency; providing liquidity to the flow of both ideas and capital.”
Questions? Contact Brian Skelly at bskelly@hartford.edu or 413.273.2273.
An ongoing weekly tradition at the University since 2001, the University of Hartford Philosophy Club is a place where students, professors, and people from the community at large meet as peers. Sometimes presentations are given, followed by discussion. Other times, topics are hashed out by the whole group.
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