Fast learning and sustained exploration: the role of timely performance feedback
Author(s)
Denrell, Jerker
Knudsen, Thorbjørn
Christensen, Michael
Liu, Chengwei
Type
Journal Article
Abstract
How should organizations manage learning dynamics? Strategy theories suggest “more-is-better”—fast, frictionless sharing enhances performance—while organizational learning theory warns that “less-is-more,” as fast learning causes premature convergence. We reconcile this tension by showing that the “less-is-more” prediction depends critically on a key assumption in classic computational models: that information about agents' performance is not continuously updated. When performance information is timely, fast learning enhances exploration. The mechanism is Target Diversity: fast learning allows many individuals to rapidly reach the performance frontier, increasing the set of imitation targets. Organizations thus learn from a diverse, shifting set of targets. The implication is that organizations achieve superior performance not by restricting information or slowing learning, but by making data on choices and performance available more quickly.
Date Issued
2026-09-01
Date Acceptance
2026-03-31
Citation
Strategic Management Journal, 2026, 47 (9), pp.2459-2490
ISSN
0143-2095
Publisher
Wiley
Start Page
2459
End Page
2490
Journal / Book Title
Strategic Management Journal
Volume
47
Issue
9
Copyright Statement
© 2026 The Author(s). Strategic Management Journal published by John Wiley & Sons Ltd. This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited.
License URL
Identifier
10.1002/smj.70098
Publication Status
Published
Date Publish Online
2026-04-27