Purpose: The purpose of this paper is to discuss some of James G. March’s key ideas and extend and integrate them with the works and ideas of John Boyd, whose work is highly relevant to, yet neglected by, behavioral and evolutionary perspectives on decision-making, organizations and strategy....

Extending Teece's landmark 1986 article, we consider how innovators benefit from value appropriation and creation. We elaborate on value appropriation, first by pointing out the importance of “industry architectures”, i.e. sector-wide templates that circumscribe the division of labor; and...