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Random Walks and Sustained Competitive Advantage

Abstract:

Strategy is concerned with sustained interfirm profitability differences. Observations of such sustained differences are often attributed to unobserved systematic a priori differences in firm characteristics. This paper shows that sustained interfirm profitability differences may be very likely even if there are no a priori differences among firms. As a result of the phenomenon of long leads in random walks, even a random resource accumulation process is likely to produce persistent resource ...

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Publication date:
2004-01-01
URN:
uuid:f9e3f879-f6a4-4f56-9ef8-b3b73c90a073
Local pid:
oai:eureka.sbs.ox.ac.uk:999

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