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There is often said to be a tension between the two types of organizational learning activities, exploration and exploitation. The argument goes that the two activities are substitutes, competing for scarce resources when firms need different capabilities and management policies. We present...
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hardest hit by the subsequent crisis. We present a model where higher turbulence benefits decentralized firms because the … value of local information and urgent action increases. Since turbulence rises in severe downturns, decentralized firms do …
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