We examine innovative contexts like scientific research or technical R&D where agents must search across many potential projects of varying and uncertain returns. Is it better to possess incomplete but accurate data on the value of some projects, or might there be cases where it is better to...

This paper comprehensively explores the compelling framework encompassing Opportunity Econophysics, Opportunity Cones, Conscious Agents, and the Traces of the Conscious Dimension within the context of economic systems. The interdisciplinary nature of this framework integrates concepts from...

This paper examines how waiting to imitate a product affects the performance of the imitator compared to the innovator. Specifically, we address two research questions. Under what conditions does imitation erode the advantage of the innovator? What strategies of imitators help overcome the...

A long-standing question in the organizations literature is whether firms are better-off by using simple or complex representations of their task environment. We address this question by developing a formal model of how firm performance depends on the process by which firms learn and use...

This paper examines strategic investment in the context of a duopolistic continuous-time real options game. Our contribution is twofold, economic and methodological. The former is the recognition that, under fixed costs of investment and time-to-build, the firm pays a fraction of the implicit...

Real options reasoning assumes timely and effective managerial decision-making yet does not address managers' ability to provide it. An attention-based view describes managerial behavior under varying structural conditions. I examine real options reasoning from an attention-based view. I develop...

This paper delves into the effects that strategic representations have on firm performance. It does so in four ways. First, it describes different types of representations—internal, external, and distributed—and it points to their pervasiveness in strategy. Second, it presents a framework to...

We model and experimentally evaluate the trade-off between innovation and imitation commonly faced by firms and individuals. Innovation involves searching for a high payoff opportunity, but paying a cost to do so. Imitation involves avoiding the search cost and copying the most successful payoff...

This paper investigates strategic investment policies in a duopolistic continuous-time real options game. Our contribution is twofold, economic and methodological. The former is the recognition that, under fixed costs of investment and time-to-build, a firm's exercise of its capital-replacement...

In several strategy documents, the Department of Defense has suggested that it may experiment with public-private partnerships (P3s) as catalysts for innovation. This policy is misguided. P3s may prove especially disappointing if they are merely a neologism for a continuation of the same old...