This model explores the consequences of common theoretical hypotheses and empirical stylized facts regarding innovation, knowledge development and knowledge management by geographically clustered rival firms. Our model artificially generates innovations, unknown and unexpected to our artificial...

Purpose The purpose of this paper is to explore the significance of bounded rationality for innovation research. It does so by expounding the structure and the assumptions of an agent-based model where boundedly rational actors engage in knowledge development and imitation. It is a conceptual...