A computational model replicating James G. March's seminal 1991 paper on exploration vs. exploitation trade-offs in organizational learning.
March, J. G. (1991). Exploration and Exploitation in Organizational Learning. Organization Science, 2(1), 71–87.
| File | Description |
|---|---|
Exploration and Exploitation_Computational Model_Taewan.ipynb |
Agent-based simulation of March's organizational learning model |
Exploration and Exploitation_Discussion Materials_vol.1.pdf |
Discussion materials and analysis |
- Exploration: search, experimentation, discovery — high variance, uncertain payoff
- Exploitation: refinement, efficiency, execution — low variance, reliable payoff
- The core tension: organizations must balance both to survive long-term
- Python 3.6+
- Jupyter Notebook
- numpy, matplotlib