A preliminary test of Hunt's General Theory of Competition: using artificial adaptive agents to study complex and ill-defined environments

Business environments are complex and ill-defined. New developments in evolutionary computing allow the realistic modeling of complex and ill-defined business environments. Evolutionary computing tools are used to build a competitive market that mimics Hunt's General Theory of Competition (HGTC...

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Bibliographic Details
Published inJournal of business research Vol. 58; no. 9; pp. 1155 - 1168
Main Authors Tay, Nicholas S.P., Lusch, Robert F.
Format Journal Article
LanguageEnglish
Published New York Elsevier Inc 01.09.2005
Elsevier
Elsevier Sequoia S.A
SeriesJournal of Business Research
Subjects
Agent-based model
Business studies
Competition
Computer based modeling
Environment
Game theory
Genetic algorithms
Innovation
Market strategy
Marketing
Marketing strategy
Organization
Studies
Competition
Game theory
Marketing strategy
Agent-based model
Genetic algorithms
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Summary:Business environments are complex and ill-defined. New developments in evolutionary computing allow the realistic modeling of complex and ill-defined business environments. Evolutionary computing tools are used to build a competitive market that mimics Hunt's General Theory of Competition (HGTC), in which competition is disequilibrium provoking and both innovation and organizational learning are endogenous. A discussion illustrates how this form of simulation can be valuable to the business strategist and also serve as an alternative method for competitive market strategy research.
Bibliography:ObjectType-Article-2
SourceType-Scholarly Journals-1
ObjectType-Feature-1
content type line 23
ISSN:0148-2963
1873-7978
DOI:10.1016/j.jbusres.2004.04.005