DC Field | Value | Language |
---|---|---|
dc.contributor.author | Lee, Je Ho | ko |
dc.contributor.author | Ryu, YU | ko |
dc.date.accessioned | 2008-05-07T02:20:16Z | - |
dc.date.available | 2008-05-07T02:20:16Z | - |
dc.date.created | 2012-02-06 | - |
dc.date.created | 2012-02-06 | - |
dc.date.issued | 2002-12 | - |
dc.identifier.citation | SIMULATION MODELLING PRACTICE AND THEORY, v.10, no.5-7, pp.297 - 320 | - |
dc.identifier.issn | 1569-190X | - |
dc.identifier.uri | http://hdl.handle.net/10203/4398 | - |
dc.description.abstract | Resource allocation between exploration of emerging technological possibilities and exploitation of known technological possibilities involves a delicate trade-off. We develop a model to represent this trade-off under the time-pressing situation where the firm's existing basis of survival is constantly challenged by competitors' innovation and imitation. We examine how the employment of an adaptive rule improves a balance between the exploration and the exploitation. Simulation experiments show that an adaptively rational decision rule, or a step-by-step exploration of unknown opportunities based on feedback on returns, is more likely to increase firm survival under diverse conditions than an all-or-nothing approach regarding the unknown opportunities. Furthermore, our study suggests that the adaptively rational rule is self-protected from too much loss, while its potential pay-off can be unbounded above. 2002 Elsevier Science B.V. All rights reserved. | - |
dc.language | English | - |
dc.language.iso | en_US | en |
dc.publisher | ELSEVIER SCIENCE BV | - |
dc.subject | INNOVATION | - |
dc.subject | ENVIRONMENTS | - |
dc.subject | INDUSTRY | - |
dc.title | Exploration, exploitation and adaptive rationality: the neo-Schumpeterian perspective | - |
dc.type | Article | - |
dc.identifier.wosid | 000183027300004 | - |
dc.type.rims | ART | - |
dc.citation.volume | 10 | - |
dc.citation.issue | 5-7 | - |
dc.citation.beginningpage | 297 | - |
dc.citation.endingpage | 320 | - |
dc.citation.publicationname | SIMULATION MODELLING PRACTICE AND THEORY | - |
dc.identifier.doi | 10.1016/S1569-190X(02)00084-9 | - |
dc.embargo.liftdate | 9999-12-31 | - |
dc.embargo.terms | 9999-12-31 | - |
dc.contributor.localauthor | Lee, Je Ho | - |
dc.contributor.nonIdAuthor | Ryu, YU | - |
dc.type.journalArticle | Article | - |
dc.subject.keywordAuthor | exploration and exploitation | - |
dc.subject.keywordAuthor | innovation | - |
dc.subject.keywordAuthor | evolution | - |
dc.subject.keywordAuthor | Schumpeterian competition | - |
dc.subject.keywordPlus | INNOVATION | - |
dc.subject.keywordPlus | ENVIRONMENTS | - |
dc.subject.keywordPlus | INDUSTRY | - |
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