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Industrial and Corporate Change, Volume 10, Number 1, pp. 115-149
© 2001 Oxford University Press

Regular Papers

Innovation and Industry Bifurcation: the Evolution of R&D Strategy

Jeho Lee and J. Richard Harrison

Korea Advanced Institute of Science and Technology, University of Texas at Dallas
School of Management, University of Texas at Dallas

Abstract

R&D investment can bifurcate industries into groups following innovative and imitative strategies. To examine conditions for strategic bifurcation over time, we develop a model of industry evolution, including industry entry and exit processes, as well as a firm growth process. Growth results from adaptive search over a probabilistic fitness landscape with stochastic attractors. Computer simulation experiments link the strategic bifurcation of industries to landscape features, industry exit rates and strategic inertia. The model implies that mobility barriers can arise from evolutionary and environmental sources independently of firms' defensive actions.


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