This paper explores the relationship between uncertainty and innovation. It distinguishes three kinds of uncertainty: truth uncertainty, semantic uncertainty, and ontological uncertainty, the latter of which is particularly important for innovation processes. The paper then develops some...

What is a strategy? The answer to this question ought to depend on the foresight horizon: how far ahead, and how much, the strategist thinks he can forsee. When the very structure of the firm's world is undergoing cascades of rapid change, and interpretations about the identity of agents and...

In this essay, we argue that the rational choice (RC) provides an inadequate foundation for a theory of economic action. After defining RC sufficiently broadly to encompass much of the bounded rationality literature as well as neoclassical optimization theory, we present three principal...