![]() Picasso and Braque’s methods of producing series of paintings and drawings and building upon previous achievements enrich our existing understanding of effectuation on a central point-the transformation of means into effects. One innovation and artistic achievement led to another. Cubist innovations originated sequentially, as part of a chain of achievements. Cubism emerged because Picasso and Braque transformed their common set of means into a variety of effects. We have analyzed the detailed accounts of art history experts to generate a longitudinal process model of the creation of Cubism. However, we argue that there are complementary explanations centered on the agency of the artists themselves and based on entrepreneurial decision-making processes, in particular on the theory of effectuation. Changes in institutional and market conditions have been until now mainstream explanations for the emergence of art movements such as Cubism. The rise of art movements: an effectual process model of Picasso’s and Braque’s give-and-take during the creation of Cubism (1908–1914)Ĭubism was the most influential movement in modern art, and Pablo Picasso transformed the art world like no other figure before him. ![]() Furthermore, these components are encapsulated in a process involving identity, affect, and resourcefulness leading to the entry-stage entrepreneurial investment decision. ![]() ![]() The model breaks affordable loss into two components-ability and willingness, and connects these to the concept of loss aversion from prospect theory. Based on an exploratory study of seven ventures from the Caribbean island of Curacao, this paper develops an elaborated process model of the affordable loss heuristic in effectuation. Although dozens of empirical studies have been published on effectuation as a whole, much work remains to be done on elaborating each principle in more depth. ![]()
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