The field of economic development has long been intrigued by the influence of institutional frameworks on economic progress, innovation, and entrepreneurship. Over the past century, significant strides have been made in understanding these dynamics, drawing heavily from behavioral economics and management theories. Seminal works such as Kahneman and Tversky's "Prospect Theory" and Simon's "Administrative Behavior" have laid the groundwork for exploring how both formal institutions, like laws and regulations, and informal ones, such as cultural norms, shape economic outcomes. Despite these advancements, there remains a critical need to delve deeper into the nuanced interplay between cultural and institutional factors and their collective impact on economic growth. Current debates focus on the extent to which these factors drive innovation and entrepreneurship, especially in the face of uncertainty and crises. While recent studies have begun to unravel these complexities, a comprehensive understanding of the co-evolution of culture and institutions and their implications for economic progress is still lacking.

This research topic aims to enrich our understanding of how formal and informal institutions influence the economic behavior of individuals, firms, and economies concerning economic progress, innovation, and entrepreneurship. It seeks to highlight scientific research that elucidates the genesis of entrepreneurship and innovation, fostering a more comprehensive comprehension of the roles played by institutions, culture, and their co-evolutionary process. By disseminating cutting-edge research employing rigorous methodologies and theoretical frameworks, this issue aims to stimulate scholarly discussions and provide valuable insights for policymakers, practitioners, and academics interested in fostering innovation, entrepreneurship, and sustainable economic growth.

To gather further insights into the synergies between cultural and institutional factors and their influence on economic progress, we welcome articles addressing, but not limited to, the following themes:
• Critical relationships between cultural context and economic progress
• Pivotal interactions between the institutional backdrop and economic progress
• Innovation in the face of uncertainty and uncertainty avoidance behavior
• Innovation and entrepreneurship during crises
• The co-evolution of culture and institutions and its impact on economic progress
• The implications of investment decisions on innovation and entrepreneurship
• The role of trust in shaping innovation and entrepreneurial outcomes
• The correlation between loss aversion and economic progress
• The relationship between investment diversification, entrepreneurship, and innovation

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Frontiers in Behavioral Economics

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