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Innovative search and imitation heuristics: an agent-based simulation study
Journal of Economic Interaction and Coordination ( IF 1.237 ) Pub Date : 2024-03-11 , DOI: 10.1007/s11403-024-00406-2
Vittorio Guida , Luigi Mittone , Azzurra Morreale

Prominent research in strategic imitation, exploration, exploitation, and organizational learning identifies imitation as a less costly alternative to experimentation. Yet, its role in the exploration–exploitation dilemma remains underexplored in the literature. This study employs an agent-based model to examine how two distinct agent types—those who imitate and those who experiment—interact and influence each other. The model incorporates the concept of “satisficing” derived from the behavioral theory of the firm, along with insights from research on imitative heuristics. The findings reveal that overcrowding affects both agent types negatively. Imitators suffer from diminished performance due to intensified competition, which increases as more imitators join the system. Meanwhile, explorers are hindered in their attempts at radical innovation due to the presence of other explorers and clusters of imitators. This paper contributes to the field as the first to model individual agents as ‘satisficers’ within a competitive exploration–exploitation framework. By incorporating imitation, it provides novel insights into the dynamics of organizational learning and strategic decision-making.



中文翻译:

创新搜索和模仿启发式:基于代理的模拟研究

战略模仿、探索、利用和组织学习方面的杰出研究表明,模仿是比实验成本更低的替代方案。然而,其在探索-利用困境中的作用在文献中仍未得到充分探讨。本研究采用基于主体的模型来研究两种不同的主体类型(模仿者和实验者)如何相互作用和影响彼此。该模型融合了源自公司行为理论的“满意”概念,以及模仿启发式研究的见解。研究结果表明,过度拥挤会对两种类型的人员产生负面影响。由于竞争加剧,模仿者的表现下降,而随着更多模仿者加入系统,竞争加剧。与此同时,由于其他探索者和模仿者群体的存在,探索者进行激进创新的尝试受到阻碍。本文首次在竞争性探索-利用框架内将个体代理建模为“满足者”,为该领域做出了贡献。通过结合模仿,它为组织学习和战略决策的动态提供了新颖的见解。

更新日期:2024-03-11
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