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Exploration and exploitation strategies. What kind of analytical models?

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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)

Suggested Citation

  • Nadia Jacoby, 2005. "Exploration and exploitation strategies. What kind of analytical models?," Cahiers de la Maison des Sciences Economiques r05040, Université Panthéon-Sorbonne (Paris 1).
    • Handle: RePEc:mse:wpsorb:r05040
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    File URL: https://halshs.archives-ouvertes.fr/halshs-00194719
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    More about this item

    Keywords

    Evolutionary approaches of firms; exploration and exploitation behaviors; NK models;
    All these keywords.

    JEL classification:

    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm

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