We examine how delays between actions and their consequent payoffs affect the process of organizational adaptation. Formal conceptions of organizational learning typically include the assumption that payoffs immediately follow their antecedent actions, making the search for better strategies...

When is it better to use agent-based (AB) models, and when should differential equation (DE) models be used? Whereas DE models assume homogeneity and perfect mixing within compartments, AB models can capture heterogeneity across individuals and in the network of interactions among them. AB...