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[International Strategy] > Lecture 8 (Evolutionary theory) > Flashcards

Lecture 8 (Evolutionary theory) Flashcards

1
Q

Two evolutionary approaches

A

-Population ecology > Oranizational ecology > industry level

-Theory of evolution > evolutionary economics > firm level

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2
Q

Population ecology 3 main concepts

A
  1. Carrying capacity
  2. Niche partitioning
  3. Inertia
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3
Q

Carrying capacity meaning

A

Maximum load of firms given the scarce resources

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4
Q

Niche partitioning meaning

A

The environment is shared in various areas to give room for all
members, which are selected by natural selection

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5
Q

Inertia meaning

A

Evolution from generalists to specialists, it is slow, difficult, and often
unsuccessful

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6
Q

Theory of evolution focus

A

Focus on genes which evolve over time and are selected out by the environment or transmitted to
offspring

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7
Q

VSR principle

A

Variation of a given species
Selection of the fittest variants
Retention of heredity (features retained and passed on)

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8
Q

Evolutionary economics focus

A

focuses on firm evolution, drawing upon assumptions made by the Behavioural Theory of the Firm. It explains this evolution by applying the VSR principle

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9
Q

Evolutionary economics assumptions

A

-Incomplete information
-Bounded rationality
-Satisfying rather than optimizing

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10
Q

Two types of searches:

A

-Exploitation - firms refine existing processes

-Exploration - firms try out new ideas

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11
Q

Organizational Ambidexterity meaning

A

Balance between exploitation and exploration, they must co-exist

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12
Q

Factors driving variation in theory of evolution

A

-prior routines
-information available & bounded rationality
-satisfying rather than optimizing

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13
Q

selection meaning in theory of evolution

A

misfit firms go bankrupt

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14
Q

retention or inheritance meaning in theory of evolution

A

today’s choices are rooted in past choices

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15
Q

Lamarchian explanation of evolutionary theory

A

the inheritance of acquired
characteristics and the principle of use and disuse (those parts of a body that are used grow larger. Those parts that are not used tend to wither away)

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16
Q

Darwinian explanation of evolutionary theory

A

cumulative natural selection, variations, selection, retention

17
Q

legitimation meaning

A

Social ‘acceptance’ of the organizational form

18
Q

Tacit knowledge

A

Knowledge gained through personal experience

19
Q

Truce meaning

A

Agreement between enemies/opponents to stop fighting over smth

20
Q

Dynamic capabilities of organization meaning

A

the capacity of an organization purposefully to create, extend or modify its resource base

21
Q

Operational capabilities of an organization meaning

A

the ability to align critical processes, resources, and technologies according to the overall guiding vision

22
Q

External fitness meaning

A

The match between organizational and environmental characteristics

23
Q

Evolutionary fitness meaning

A

how well a dynamic capability enables an organization to make a living by creating, extending or modifying its resource base

24
Q

Technical fitness

A

How effectively a capability performs its intended function when divided by its costs.

(quality per unit of cost)

25
Q

Icarus paradox

A

Large firms finding it hard to adapt

26
Q

Organizational ecology - where it derived from, unit of analysis?

A

Derived from population ecology

Unit of analysis - industry and population of firms

27
Q

Niche partitioning phases

A

Emergence phase
Transition phase
Maturity phase

28
Q

Emergence phase in niche partitioning meaning

A

new generalist firms enter with competetive technologies

29
Q

Transition phase in niche partitioning meaning

A

selection of the fittest firms

30
Q

Maturity phase in niche partitioning meaning

A

a few “specialist” firms may sustainibly grow

31
Q

Evolutionary economics - where it derived from, unit of analysis?

A

Derived from theory of Evolution

Unit of analysis - industry, but derived from firm-level data

32
Q

Variation meaning

A

firms alter their routins due to environmental challenges

33
Q
A

[International Strategy] (10 decks)

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