Strategic management is a system of continual disequilibrium, with
firms in a continual struggle for competitive advantage and
relative fitness. Models that are dynamic in nature are required if
we are to really understand the complex notion of sustainable
competitive advantage. New tools are required to tackle challenges
of how firms should compete in environments characterized by both
exogeneous shocks and intense endogenous competition. Agent-based
modelling of firms' strategies offers an alternative analytical
approach, where individual firm or component parts of a firm are
modelled, each with their own strategy. Where traditional models
can assume homogeneity of actors, agent-based models simulate each
firm individually. This allows experimentation of strategic moves,
which is particularly important where reactions to strategic moves
are non-trivial. This Element introduces agent-based models and
their use within management, reviews the influential NK suite of
models, and offers an agenda for the development of agent-based
models in strategic management.
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