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

Authored by NSP Tay, RF Lusch

Date Published: 2005-09

DOI: 10.1016/j.jbusres.2004.04.005

Sponsors: No sponsors listed

Platforms: MATLAB

Model Documentation: Other Narrative

Model Code URLs: Model code not found

Abstract

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. (c) 2004 Elsevier Inc. All rights reserved.

Tags

Agent-based model Competition Genetic Algorithms game theory marketing strategy