Markets for knowledge are increasingly important to innovation, competitive advantage, and economic growth. This paper examines five distinct markets through which knowledge can be exchanged: the market for codified knowledge (licensing), the market for tacit knowledge (alliances), the market...

Firm heterogeneity lies at the heart of the resource-based view of the firm in explaining a firm’s innovation success. However, these studies focus on one or two limited perspectives of heterogeneity and more or less neglect the different learning mechanisms by which heterogeneous resources...

The paper presents an evolutionary model, based on the assumption that agents may revise their current strategies if they previously failed to attain the maximum level of potential payoffs. We offer three versions of this reflexive mechanism, each one of which describes a distinct type:...