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

Nicholas S.P. Tay; Robert F. Lusch

doi:10.1016/j.jbusres.2004.04.005

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

Nicholas S.P. Tay, Robert F. Lusch

Research output: Contribution to journal › Article › peer-review

34 Scopus citations

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.

Original language	English (US)
Pages (from-to)	1155-1168
Number of pages	14
Journal	Journal of Business Research
Volume	58
Issue number	9 SPEC. ISS.
DOIs	https://doi.org/10.1016/j.jbusres.2004.04.005
State	Published - Sep 2005
Externally published	Yes

Keywords

Agent-based model
Competition
Game theory
Genetic algorithms
Marketing strategy

ASJC Scopus subject areas

Marketing

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10.1016/j.jbusres.2004.04.005

Cite this

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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.",

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AB - 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.

KW - Agent-based model

KW - Competition

KW - Game theory

KW - Genetic algorithms

KW - Marketing strategy

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

Abstract

Keywords

ASJC Scopus subject areas

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