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The purpose of this paper is to examine the sunk-time fallacy in the context of simultaneous variations of time and money when financial expenditures are recoverable. The study compares a recoverable monetary scenario with conditions where money is either not spent or spent, but purchase and payment are decoupled.

A sample of 184 participants was utilised in three experiments. A randomised design was used, and experimental manipulations were achieved using the vignette method.

The results indicate that consumers are susceptible to sunk-time fallacy. Specifically, results suggest that there is no significant difference in sunk cost fallacy when a consumer spends only time vs when a consumer spends money and time both but money can be recovered. The sunk-time fallacy did not occur in credit card purchases. The sunk-time fallacy did not happen in temporal investments of less than a week but appeared in the temporal investments of two weeks.

The study indicates that sunk-time fallacy occurs after a minimum threshold of time is spent on a particular activity.

Online retailers may vary the delivery period of ordered merchandise to reduce product returns. Online retailers may not deliver the merchandise too early to take advantage of the sunk-time fallacy. Bestseller products should be quickly delivered as there are lesser chances of product return. On the other hand, new products or products with mixed consumer reviews should be provided preferably with a time lag beyond a week. Managers should incentivise payments through debit card/net banking and cash-on-delivery to reduce returns by using sunk-time fallacy.

The study is perhaps the first one to study the sunk-time fallacy in a simultaneous variation of time and money where monetary costs can be recovered fully.

The identification of fallacies in both the professional and personal environment is discussed. Several commonly encountered fallacies are briefly described and examples included. After the fallacies have been identified, three specific tools available for dealing with fallacies when they arise are examined. These tools are described in limited detail and provide a solid framework for further personal development.

Duncan Foley, a leading heterodox economist, criticizes Adam Smith for narrowness in three respects: his definition of the economy, his notion of the central problem of economics, and his conception of correct policy making. For the most part, this is a misreading of Smith; the charge of fallacy should be attributed to mankind as a whole and especially the economists who followed him, not Smith himself. Yet, although Smith evidently did not feel that matters would work out as they did, he identified and emphasized both the causal mechanism for the narrowness and the motive behind it. The causal mechanism is the division of labor and the motive is status emulation—the quest for social recognition and moral approval, if not also power—achieved through the belief that more goods are better than fewer goods—all induced by the great deception that wealth is important, thereby leading people to frenetically better their condition. The genius of Smith was to have articulated the material and conceptual baggage accompanying the newly arrived commercial stage of Western civilization. Still, it is rather difficult to ascertain what of Smith's account is provided by his study of the stage itself and what is due to his own imagination.

To comment on Brewer and Venaik's review of the misapplication of the national culture dimensions of Hofstede and GLOBE at the individual and other sub‐national levels. This paper supports and extends their critique.

The implausibility of deterministic claims about the multi‐level power of national culture is described and discussed by drawing on a wide range of disciplines (including anthropology, geography, sociology, and historiography).

Descriptions of the characteristics and origins of sub‐national level behaviour based on a priori depictions of national culture values are invalid and misleading.

There are important implications for practitioners. The paper highlights the unsoundness of descriptions of the sub‐national (individuals, consumer segments, organizations, and so forth) which are derived from national‐level depictions of culture and the dangers of ignoring the independent causal influence of non‐national culture and non‐cultural factors.

The ecological fallacy in the national culture literature is located within a wider and long‐standing critique of that fallacy. The paper is the first to show that the fallacy in the national culture literature is often an extreme causal version. It not merely supposes cross‐level equivalence, as in the standard version, but more aggressively, it attributes deterministic power to national culture thus excluding other independent influences and agency.

Although competitive advantage is the cornerstone concept in strategic management it still remains a poorly defined and operationalized construct. The purpose of this paper is to revisit the concept of competitive advantage, to identify the problems that stem from its current conceptualization from the majority of the literature.

The paper undertakes an extensive literature review, audit of logical inference, syllogistic reasoning and Bayesian expressions in order to examine the problems associated with the current conceptualizations of competitive advantage.

Several drawbacks and fallacies relating to current conceptualizations of competitive advantage were identified that create an urgent need for a more robust definition which could better serve the needs of both empirical research and management practice.

The authors by no means claim that the literature review undertaken in this paper on the concept of competitive advantage and on the problems derived from its conceptualization was exhaustive or absolute. Rather, this paper constitutes an attempt to stimulate efforts and provide directions on the further conceptual development of competitive advantage.

The findings allow practising managers to not necessarily associate competitive advantage with its sources and with the determinants of superior performance.

The findings contribute to the evolution of the strategic management field by identifying, categorizing and mapping potential problems, drawbacks and fallacies, associated with the conceptualization of competitive advantage as currently delineated in the literature, and by suggesting some criteria for the development of a conceptually more robust definition.

Purpose – To develop an alternate metaethical framework based upon a specific modality of difference.

Methodology/approach – A radicalisation of Moore's naturalistic fallacy and the application of the open question argument within the broader context of the continental tradition allow one to direct the ethical question away from non-naturalism and towards a speculative ethics.

Findings – Suggesting an ethical modality irreducible to ontological description or political prescription, the chapter argues for a metaethics of ‘exhortation’.

Originality/value of chapter – The chapter opens a new space for thinking ethics, and further encourages the continuing rapprochement between continental and analytical traditions in philosophy.

Practical implications – Questions of practical ethics will find new modes of engagement and expression in the context of a hortative metaethics.

The current crisis of sociological theory is due to our failure to do sociology as a positive science‐our failure to accept both explanation and prediction as the goal of theorizing, and to use predictive power as the primary criterion for assessing theories. It is argued that sociology as a positive science can advance sociological theory. It is also argued that a positive science of sociology is possible by correcting four major fallacies‐i.e., fallacies concerning controlled experiments, realism of assumptions, subjectivity, and complexity.

Considers a systems model of changes in industrial structure, employment and income levels. A country subsidizes imported resources to augment its existing resource base and to develop an export promotion strategy. This is leveraged with borrowed money. According to neo‐classical economic theory, factors of production are paid in proportion to their output contribution. Economic growth occurs when the return from a higher rate of factor utilization exceeds the cost of subsidization. In the study of ordinary differential equations, simultaneous changes in variables can be treated as part of a dynamic system subject to constraints. At any moment resources are fixed, and we may assume D'Alembert's principle of virtual work with respect to the internal constraints of the system. Subsidized economic growth shares a paradigm with analytical dynamics, the stability of motion around the neighbourhood of a singular point. The classical analytical‐topological methods which describe asymptotic stability are used to investigate economic policy.

While some studies have found that cognitive biases are detrimental to entrepreneurial performance, others have conjectured that cognitive biases may stimulate entrepreneurial action. This study uses a typology of availability and representative heuristics to examine how two patterns of biases affect entrepreneurial performance. Drawing on ideas from cognitive science, this study predicts that various levels of biases in each pattern stimulate entrepreneurial behavior and performance.

A profile-deviation approach was employed to analyze data from 253 entrepreneurs and zero-truncated Poisson regression and the zero-truncated negative binomial regression to test hypotheses.

This study finds some positive associations between a particular level of cognitive biases in each of the two patterns and entrepreneurial behavior and performance. Results show that the patterns of biases often stimulate and never hurt entrepreneurial behavior and performance. The opposite holds for a lack of cognitive biases, which hurts and never stimulates entrepreneurial behavior and performance.

This study examines patterns of cognitive biases of entrepreneurs instead of single biases. The study broadens the perspective on the heuristics and cognitive biases of entrepreneurs by examining patterns of biases emanating from the availability and the representativeness heuristic that make a difference for entrepreneurial behavior and performance. The study also brings the “great rationality debate” closer to the entrepreneurship field by showing that a normative rule based on statistics and probability theory does not benefit entrepreneurial behavior and performance.