Driving Performance via Exploration in Changing Environments: Evidence from Formula One Racing

The authors are grateful to senior editor Giovanni Gavetti and the anonymous reviewers for their exceptional guidance during the review process. They also thank Charles Baden-Fuller, Simone Ferriani, Hans Frankort, Patricia Friedrich, Marco Giarratana, Daniel Levinthal, Gianni Lorenzoni, Hart Posen, Simone Santoni, Davide Ravasi, Murat Tarakci, Giulia Gambelli, and colleagues in the management department at the Cass Business School for their comments and suggestions. Errors are the authors’. Earlier versions of this paper were presented at the conference meetings of the Academy of Management in Orlando, Florida, and the Strategic Management Society in Atlanta, Georgia, as well as at research seminars at the Cass Business School in London, LUISS Business School in Rome, and the Wharton Business School in Philadelphia, among others. This work was supported by the European Commission’s Marie-Curie Actions [Project nr. 301688, Project Acronym AJ86RH5GYM, FP7-PEOPLE-2011-IEF] and the Engineering and Physical Sciences Research Council [EPSRC UK; EP/K039695/1 Building Better Business Models].