Exploration and exploitation strategies. What kind of analytical models ?
This paper gives some insights related to the combination of exploration and exploitation behaviors. A recurrent question for firms deals with this blend of exploration and exploitation mechanisms. Firms are engaged in new activities like research and at the same time in more routine ones like development and production. Thus, they should find a satisfying arrangement between exploitation. But in order to do that, they should better understand their working. This paper analyzes adaptive systems through exploration and exploitation behaviors of firms. In order to better understand the temporal articulation of those behaviors, we refer to a mapping representation of search processes using NK models (Kauffman, 1993).
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