Price bubbles remain a puzzle for economic theory, particularly given their appearance in experimental markets with high efficiency and minimized uncertainty and noise. We propose that bubbles are caused by the institutionalization of social norms, when individuals observe and adopt the behavior...

The institutionalized status of markets is undoubtedly due to their presumed ability to aggregate individual bids into a single unbiased estimate of value. While not denying this emergent property of market processes, we propose and test an alternative perspective that explains how market...

In many life situations, people choose sequentially between repeating a past action in expectation of a familiar outcome (exploitation), or choosing a novel action whose outcome is largely uncertain (exploration). For instance, in each quarter, a manager can budget advertising for an existing...

The principles of open collaboration for innovation and production — once distinctive to open source software — are now found in many other ventures. Some of these ventures are internet-based: Wikipedia, online forums and communities; others are off-line, in medicine, science, and everyday...

When does knowledge transfer benefit performance? Combining field data from a global consulting firm with agent-based model, we examine how efforts to supplement one’s knowledge from co-workers interact with individual, organizational and environmental characteristics to impact organizational...

In this study, we examine three types of conflict (task, relationship, and process) and four dimensions of conflict (emotions, norms, resolution efficacy, and importance) in decision making groups. We also investigate emergent states (e.g., trust, respect, cohesiveness; Marks et al. 2001; Acad Manag...

Individual and organizational actors enter into a large number of relationships that include benefiting others without ensuring the equality of reciprocal benefits. We suggest that actors have evolved mechanisms that guide them in the choice of exchange partners, even without conscious...

It is often presumed that knowledge exchange (or transfer) leads to distinctive advantages for firms. Amalgamating extensive qualitative data from knowledge-intensive sites and agent-based simulation, we model how individual agents, rather than organizational units or firms, search and exchange...