Rivkin, Jan W.; Siggelkow, Nicolaj - In: Management Science 53 (2007) 7, pp. 1068-1085
on an enduring managerial question: How much exploration is necessary to discover a good configuration of decisions? The … models suggest that, as interactions across decisions intensify and local optima proliferate, broader exploration is required … local optima by more than an order of magnitude. Thus, the long-run value of broader exploration is significantly greater in …