Abstract
Lant and Mezias (1992) pioneered the use of simulation to test the robustness of innovative and imitative strategies under different environmental conditions. In their study, both strategies performed well but innovative firms responded faster in discontinuous environments; a result that seemingly reinforced a view of innovation as a superior strategy. The current study replicates Lant and Mezias’ study but alters several key assumptions, in particular, introducing an environment where firms compete for resources rather than having an unlimited supply. The results show that imitative strategies outperform innovative strategies under all but the most extreme conditions.
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Phelan, S.E. (1997). Innovation and Imitation as Competitive Strategies: Revisiting a Simulation Approach. In: Conte, R., Hegselmann, R., Terna, P. (eds) Simulating Social Phenomena. Lecture Notes in Economics and Mathematical Systems, vol 456. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-662-03366-1_32
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DOI: https://doi.org/10.1007/978-3-662-03366-1_32
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