An important strategic challenge facing entrepreneurs and managers is the need to make choices across a set of policy alternatives (e.g., strategies, technologies, product designs), the merits of which are not initially well known. The efficacy of these choices is an increasing function of...

Recent advances in entrepreneurial practice associated with the Lean Startup has brought a sea-change in conventional wisdom to the practice of entrepreneurship – rather than commit and persevere, the advice is now to pivot your way to success. Yet this normative prescription is not as yet...