Learning from experience is a central theme in the management literature. While in general experiential learning is viewed as efficacious, the literature increasingly points to the difficulties inherent in the learning process — many of which stem from a deficit of information about the merits...

Imitation is thought to lead to a decrease in inter-firm heterogeneity. This outcome rests on the assumption that imitation engenders only one type of implication for the imitating firm: an endowment of knowledge (technologies, product designs, strategies, etc.) about successful practices that...

An important strategic challenge facing entrepreneurs and managers is the need to make choices across a set of policy alternatives (e.g., strategies, technologies, product designs), the merits of which are not initially well known. The efficacy of these choices is an increasing function of...