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.

As the life span of business models reduces, firms have had to review their strategic intent, develop strategic initiatives in fast and imaginative ways, and engage in major reorganization. This book examines the dynamics of strategy and helps to make sense of the processes of strategizing and organizing in a dynamic environment.
The Dynamics of Strategy draws on theoretical perspectives that enable readers to describe and understand the dynamics of the firm's competitive landscape, the dynamics of the organizational landscape, and the interdependencies between these landscapes. The book combines research rooted in economics and organizational theory, and also builds on interdisciplinary studies using a wide range of research paradigms and methods. This broad range of theoretical perspectives allows a comprehensive analysis of the complex and multidimensional problems facing the contemporary firm.
In order to help the reader connect sound theory with the reality of strategy, theoretical discussion is illustrated with case studies of fi rms from a wide range of industries. Written for managers and management students, The Dynamics of Strategy provides a roadmap to understanding the dynamics of organizing and strategizing.

As the life span of business models reduces, firms have had to review their strategic intent, develop strategic initiatives in fast and imaginative ways, and engage in major reorganization. This book examines the dynamics of strategy and helps to make sense of the processes of strategizing and organizing in a dynamic environment.
The Dynamics of Strategy draws on theoretical perspectives that enable readers to describe and understand the dynamics of the firm's competitive landscape, the dynamics of the organizational landscape, and the interdependencies between these landscapes. The book combines research rooted in economics and organizational theory, and also builds on interdisciplinary studies using a wide range of research paradigms and methods. This broad range of theoretical perspectives allows a comprehensive analysis of the complex and multidimensional problems facing the contemporary firm.
In order to help the reader connect sound theory with the reality of strategy, theoretical discussion is illustrated with case studies of fi rms from a wide range of industries. Written for managers and management students, The Dynamics of Strategy provides a roadmap to understanding the dynamics of organizing and strategizing.