Strategic management is a system of continual disequilibrium, with firms in a continual struggle for competitive advantage
and relative fitness. Models that are dynamic in nature are required if we are to really understand the complex notion of
sustainable competitive advantage. New tools are required to tackle challenges of how firms should compete in environments
characterized by both exogeneous shocks and intense endogenous competition. Agent-based modelling of firms' strategies offers
an alternative analytical approach, where individual firm or component parts of a firm are modelled, each with their own strategy.
Where traditional models can assume homogeneity of actors, agent-based models simulate each firm individually. This allows
experimentation of strategic moves, which is particularly important where reactions to strategic moves are non-trivial. This
Element introduces agent-based models and their use within management, reviews the influential NK suite of models, and offers
an agenda for the development of agent-based models in strategic management.