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 journalArticle

25 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 languageEnglish (US)
Pages (from-to)1155-1168
Number of pages14
JournalJournal of Business Research
Volume58
Issue number9 SPEC. ISS.
DOIs
StatePublished - Sep 2005

Keywords

  • Agent-based model
  • Competition
  • Game theory
  • Genetic algorithms
  • Marketing strategy

ASJC Scopus subject areas

  • Marketing

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