Foresight, Complexity, and Strategy

David Lane and Robert Maxfield

Working Papers from Santa Fe Institute

Abstract: What is a strategy? The answer to this question ought to depend on the foresight horizon: how far ahead, and how much, the strategist thinks he can forsee. When the very structure of the firm's world is undergoing cascades of rapid change, and interpretations about the identity of agents and artifacts are characterized by ambiguity, we say that the foresight horizon is complex. We argue that strategy in the face of complex foresight horizons should consist of an on-going set of practices that interpret and construct the relationships that comprise the world in which the firm acts. Our discussion focuses on two intertwined kinds of strategic practices. The first is cognitive: a firm "populates its world" by positing who lives there and interpreting what they do. The second structural: the firm fosters generative relationships within and across its boundries---relationships that produce new sources of value that cannot be foreseen in advance.

We illustrate the ideas advanced in the paper with a story about the entry of ROLM into the PDX market in 1975.

Date: 1995-12
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wop:safiwp:95-12-106

Access Statistics for this paper

More papers in Working Papers from Santa Fe Institute Contact information at EDIRC.
Bibliographic data for series maintained by Thomas Krichel ().