Innovation and Industry Bifurcation: the Evolution of R&D Strategy |
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| Authors: | Lee, Jeho Harrison, J. Richard |
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| Affiliation: | Korea Advanced Institute of Science and Technology, University of Texas at Dallas
School of Management, University of Texas at Dallas |
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| Abstract: | R&D investment can bifurcate industries into groups followinginnovative and imitative strategies. To examine conditions forstrategic bifurcation over time, we develop a model of industryevolution, including industry entry and exit processes, as wellas a firm growth process. Growth results from adaptive searchover a probabilistic fitness landscape with stochastic attractors.Computer simulation experiments link the strategic bifurcationof industries to landscape features, industry exit rates andstrategic inertia. The model implies that mobility barrierscan arise from evolutionary and environmental sources independentlyof firms' defensive actions. |
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