Extant literature on underplays the role of and entrepreneurial management in and co- organizations, markets, and supporting ecosystems. We employ transaction costs, resource-knowledge-capabilities and power-control-based theories to provide a comparative static governance-based perspective on clusters. We embed this into a more general co-evolutionary entrepreneurial theory of the emergence, evolution and co-evolution of markets, ecosystems, and clusters. We suggest that clusters can involve advantages that help engender superior appropriation of co-created value, as compared to alternatives. Entrepreneurial managers, faced with a degree of choice, will help clusters and be part of them, for as long as they can appropriate more value in this way than through alternatives.

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