Boundedly rational managerial actors struggling to process information often use a limited set of “theories of action,” or simple rules. However, simple rules may have a hierarchical structure, with some simple rules guiding others. Assuming the existence of such “keystone rules,” we...

Although both entrepreneurship and strategy scholars agree that search strategies are crucial for the creation and capture of new value, little research considers which strategies to use and under what conditions, when to change course, or how to allocate decision rights associated with these...