Industry Evolution: A dynamic behavioural model
نویسنده
چکیده
This paper addresses the influence of managerial decision-making processes on the evolution of industries. Managers face very complex investment decisions due to uncertainties about customer acceptance, market size, technology, actions of competitors, and a dynamic complex feedback system. Managerial decision-making processes are almost the most influential variable to manipulate the evolution of an industry. However, managerial decisionmaking has been neglected in the literature of industry evolution. This paper is the first step on analysing the influence of managerial decision-making on the evolution of industries, and more specifically on the dynamic behaviour of three key components of any industry: firm’s growth, market evolution, and technology development. This paper provides a framework termed Dynamic Behavioural Model of the Evolution of Industries to encompass all the issues that imply the analysis of industry’s dynamic behaviour from a managerial point of view.
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