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Research & Publications

Research

Our research program investigates how individuals and organizations make strategic decisions under uncertainty—and how they can do it better. We publish in top management journals, develop formal theoretical frameworks, and translate findings into practical tools.

Every paper we write connects to a larger program: understanding the foundations of theory-based decision-making, applying it to specific business domains, and exploring the cognitive and organizational mechanisms that make it work.

12
Published
4
R&R
7
Under Review
17
Working
40
Total

The Research Program

Our research is organized around a central question: How should managers and entrepreneurs make strategic decisions when the future is uncertain?

We approach this through three interconnected research streams. Foundations establishes the theoretical framework—what it means to think scientifically about strategy. Verticals applies this framework to specific business contexts—from innovation to M&A to CEO succession. Horizontals explores the underlying mechanisms—how theories originate, evolve, and spread through organizations.

Each stream feeds the others. Foundational insights reveal new vertical applications. Vertical studies surface horizontal mechanisms. Horizontal discoveries refine the foundations. This creates a cumulative research program rather than isolated papers.

Research Pillars

Foundations

The theoretical core of theory-based strategic decision-making. We develop formal frameworks that specify how managers should formulate theories, design experiments, and update beliefs based on evidence.

Key Questions

  • What is a strategic theory and how should it be structured?
  • How do you test theories through experimentation?
  • How does AI augment (or undermine) theory-based thinking?
  • What makes a theory-based approach normatively superior?

Core Papers

  • Theory-driven strategic management decisions (Strategy Science)
  • Bayesian Entrepreneurship (MIT Press)
  • Framing Strategic Decisions in the Digital World (SMR)

Verticals

Applications of theory-based thinking to specific strategic domains. We study how the framework applies to particular decision contexts in business and beyond.

Key Questions

  • Innovation & Technology Strategy
  • Mergers & Acquisitions
  • CEO Succession & Board Dynamics
  • Policy Making & Public Decisions

Core Papers

  • Rethinking board-CEO matching (Org Science R&R)
  • Search Speed, Knowledge Domains, and Growth (Under Review)
  • Private Capital Decisions (AMA Annals, Under Review)

Horizontals

Cross-cutting mechanisms that affect how theories work across all contexts. We investigate the cognitive and organizational processes underlying theory-based decision-making.

Key Questions

  • Origins of theories — Where do strategic theories come from?
  • Parsimony & complexity — How simple should theories be?
  • Path dependency — How do early theories shape later ones?
  • Persuasion — How do theories spread in organizations?

Core Papers

  • A scientific approach: Large-scale replication (SMJ)
  • A theory-based view of path dependency (EINT)
  • Does a theory-of-value add value? (Org Science)

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Video Presentations

Watch our researchers explain the theory-based approach to strategic decisions.

Featured Publication

MIT Press

2025

Bayesian Entrepreneurship

Agrawal, A., Camuffo, A., Gambardella, A., Gans, J.S., Scott, E.L., & Stern, S. (Eds.)

The definitive framework for applying Bayesian reasoning to entrepreneurial decisions, synthesizing research on theory-based approaches to strategy under uncertainty.

The book provides both theoretical foundations and practical applications, showing how entrepreneurs and managers can formulate explicit theories, design rigorous experiments, and systematically update their strategies based on evidence.

Publications

Showing 40 of 40 papers

pubsonline.informs.org
Published
Foundations

Beyond Black Boxes: Designing and Testing Agentic AI Systems for Strategy

Camuffo, A., Gambardella, A., Kazemi, S., & Pandey, A.

Strategy Science · 2026

Experimental evidence showing that AI augmentation in strategic decision-making can decouple confidence from quality—managers become more confident but not necessarily better.

Published
Verticals

CEO succession under anticipatory awareness misalignment

Camuffo, A., Espinosa, M., Gambardella, A., & Pignataro, A.

Organization Science · 2026

Proposes that effective board-CEO matching depends on alignment of strategic theories, not just skills or preferences.

mitpress.mit.edu
Published
Foundations

Bayesian Entrepreneurship

Agrawal, A., Camuffo, A., Gambardella, A., Gans, J.S., Scott, E.L., & Stern, S. (Eds.)

MIT Press · 2025

The definitive framework for applying Bayesian reasoning to entrepreneurial decisions, synthesizing research on theory-based approaches to strategy under uncertainty.

pubsonline.informs.org
Published
Horizontals

Does a theory-of-value add value? Evidence from a randomized control trial with Tanzanian entrepreneurs

Agarwal, R., Bacco, F., Camuffo, A., Coali, A., Gambardella, A., Msangi, H., Sonka, S.T., Temu, A., Waized, B., & Wormald, A.

Organization Science · 2025

A randomized controlled trial examining whether entrepreneurs who develop explicit theories of value creation outperform those who don't, with evidence from Tanzania.

pubsonline.informs.org
Published
Horizontals

Design- and theory-based approaches to strategic decisions

Gambardella, A., & Messinese, D.

Organization Science · 2025

Contrasts design thinking with theory-based approaches to strategic decision-making, identifying when each approach is most effective.

tandfonline.com
Published
Horizontals

A theory-based view of path dependency

Camuffo, A., Gambardella, A., & Kazemi, S.

Economics of Innovation and New Technology · 2025

Develops a theory-based perspective on how early strategic choices constrain and enable future options through the lens of evolving managerial theories.

academic.oup.com
Published
Horizontals

Internal initial conditions and path dependence: An experimental and AI-synthetic study of theories and awareness of unknown events

Camuffo, A., Gambardella, A., & Kazemi, S.

Industrial and Corporate Change · 2025

Investigates how initial conditions and awareness of unknowns affect path-dependent strategic evolution, using experimental and AI-generated synthetic data.

R&R
Foundations

Strategic choice and organization of business activities under managerial and statistical spillovers

Francetich, A., Frosi, C., & Gambardella, A.

Strategic Management Journal · 2025

Develops theory of how managerial learning spillovers and statistical dependencies affect the organization of business activities.

R&R
Horizontals

Subtraction and scientific approaches in entrepreneurial strategies: Evidence from a randomized controlled trial

Jannace, D., & Camuffo, A.

Management Science · 2025

RCT evidence on how subtraction (removing features/options) interacts with scientific approaches to strategy formulation.

Under Review
Horizontals

Parsimonious theorizing

Camuffo, A., Jannace, D., & Kazemi, S.

Strategic Entrepreneurship Journal · 2025

Investigates the role of parsimony in strategic theorizing—when simpler theories outperform more complex ones.

Under Review
Horizontals

Mindsets and the Absorption of Bayesian Reasoning

Frosi, C., Gagliardi, L., & Mariani, M.

Strategic Entrepreneurship Journal · 2025

Studies how individual mindsets affect the ability to absorb and apply Bayesian reasoning in strategic contexts.

Under Review
Horizontals

Where do strategies come from? Individual domains and the generation of strategic alternatives

Frosi, C., Chondrakis, G., Gagliardi, L., & Mariani, M.

Management Science · 2025

Investigates the origins of strategic alternatives—how individual knowledge domains shape the strategies managers generate.

Under Review
Verticals

Search Speed, Knowledge Domains, and Growth: Evidence from YouTube channels

Camuffo, A., Gambardella, A., & Neiderberger, S.

2025

Empirical study of how search speed and knowledge domain breadth affect growth, using YouTube channel data.

Working
Horizontals

Pre-bayesian Thinking

Barney, J., Gambardella, A., Rath, J., & Wuebker, R.

2025

Explores the cognitive processes that precede Bayesian updating—how managers form initial priors and frame problems before formal analysis.

Working
Verticals

Innovation and market structure

Bonatti, Gambardella, & Pignataro

2025

Develops theory of how market structure affects innovation incentives through the lens of strategic theories.

Working
Verticals

Search speed and theory discovery: A model for innovation

Camuffo, A., Gambardella, A., & Pignataro, A.

2025

Formal model of how search speed affects the discovery of effective strategic theories in innovation contexts.

Working
Horizontals

Causal reasoning and performance

Camuffo, A., Gambardella, A., & Jannace, D.

2025

Empirical study of the relationship between causal reasoning capabilities and firm performance.

Working
Foundations

De-blackboxing LLMs as evaluators in strategy research

Camuffo, A., Gambardella, A., Kazemi, S., Malachovski, & Pandey, A.

2025

Methodological paper on using LLMs as evaluators in strategy research—when it works, when it fails, and how to do it rigorously.

Working
Horizontals

Persuasion in the theory-based view

Camuffo, A., Gambardella, A., Kazemi, S., & Pandey, A.

2025

How strategic theories spread through organizations—the role of persuasion, evidence, and social dynamics.

Working
Horizontals

Optimal Theory of Value Identification: a Hierarchical Multi-Armed Bandit Model with KL Divergence Ranking and Loss-Based Stopping Rules

Camuffo, A., Gambardella, A., Kazemi, S., & Pandey, A.

2025

Formal model of optimal experimentation for identifying the best theory of value using hierarchical bandits.

Working
Horizontals

Awareness, information and generation of entrepreneurial knowledge

Camuffo, A., Gambardella, A., & Messinese, D.

2025

How awareness and information availability affect the generation of actionable entrepreneurial knowledge.

Working
Horizontals

Selection in Strategy Formulation: the Impact of Domain Salience

Berchicci, L., Chondrakis, G., Frosi, C., & Mariani, M.

2025

Studies how domain salience affects which strategic alternatives receive attention and selection.

Working
Horizontals

Pre-Bayesian experiments

Gambardella, A., Novelli, E., & Rath, J.

2025

The experiments that happen before formal Bayesian updating—exploration, problem framing, and prior formation.

Working
Verticals

Theories of value in platform ecosystems

Camuffo, A., Gambardella, A., & Zingales, L.

2025

How platform businesses develop and test theories of value creation across multi-sided markets.

Working
Horizontals

The role of counterfactual reasoning in strategic pivots

Camuffo, A., Jannace, D., & Novelli, E.

2025

Investigates how counterfactual reasoning enables entrepreneurs to identify when and how to pivot their strategies.

Working
Foundations

Bayesian reasoning under resource constraints

Frosi, C., Gambardella, A., & Mariani, M.

2025

How resource constraints affect the quality and speed of Bayesian updating in strategic decision-making.

Working
Verticals

Theory testing in nascent markets

Camuffo, A., Gambardella, A., & Scott, E.L.

2025

Challenges and strategies for testing strategic theories when market feedback signals are weak or noisy.

Working
Horizontals

Organizational learning and theory refinement

Camuffo, A., Coali, A., & Gambardella, A.

2025

How organizations systematically refine their strategic theories through collective learning processes.

Working
Foundations

The economics of strategic experimentation

Bonatti, A., Gambardella, A., & Stern, S.

2025

Economic model of optimal investment in strategic experiments given uncertainty and learning dynamics.

Working
Verticals

Theory-based approaches to talent acquisition

Camuffo, A., Espinosa, M., & Pignataro, A.

2025

Applying theory-based decision-making to hiring and talent management decisions in organizations.

sms.onlinelibrary.wiley.com
Published
Horizontals

A scientific approach to entrepreneurial decision‐making: Large‐scale replication and extension

Camuffo, A., Gambardella, A., Messinese, D., Novelli, E., Paolucci, E., & Spina, C.

Strategic Management Journal · 2024

Large-scale replication of the scientific approach to entrepreneurship, extending findings across multiple contexts and populations.

pubsonline.informs.org
Published
Foundations
38 citations

Theory-driven strategic management decisions

Camuffo, A., Gambardella, A., & Pignataro, A.

Strategy Science · 2024

The foundational paper establishing an analytic, normative framework for theory-based strategic decision-making—how managers should formulate, test, and update strategic theories.

3rd highest cited paper in the TBV Special Issue

sciencedirect.com
Published
Horizontals

Scientific decision-making, project selection and longer-term outcomes

Coali, A., Gambardella, A., & Novelli, E.

Research Policy · 2024

Examines how scientific approaches to decision-making affect project selection and long-term innovation outcomes.

R&R
Foundations

On The Theoretical Foundations And General-Purpose Value Of A 'Scientific Approach' To Entrepreneurship

Camuffo, A., Gambardella, A., & Teodorivicz, T.

Strategic Entrepreneurship Journal · 2024

Establishes the theoretical foundations and general applicability of scientific approaches beyond specific entrepreneurial contexts.

R&R
Horizontals

Design-Based and Theory-Based Approaches to Strategic Decisions

Gambardella, A., & Messinese, D.

Organization Science · 2024

Systematic comparison of design-based and theory-based approaches, identifying complementarities and substitution effects.

Under Review
Verticals

Private Capital Decisions: An Integrative Review And A Call For Redirection

Camuffo, A., Gambardella, A., Novelli, E., & Pignataro, A.

Academy of Management Annals · 2024

Comprehensive review of private capital decision-making literature with a call for theory-based approaches.

Under Review
Horizontals

Strategic Choice and Organization of Business Activities Under Managerial and Statistical Spillovers

Francetich, A., Frosi, C., & Gambardella, A.

Strategic Management Journal · 2024

Examines how spillover effects shape strategic choices about organizing business activities.

Under Review
Horizontals

Subtraction and Scientific Approaches in Entrepreneurial Strategies

Jannace, D., & Camuffo, A.

Management Science · 2024

Studies the interaction between subtraction and scientific approaches in strategy formulation.

econpapers.repec.org
Published
Foundations

Framing Strategic Decisions in the Digital World

Camuffo, A., Gambardella, A., & Pignataro, A.

Strategic Management Review · 2023

Explores how digitalization changes the nature of strategic framing and the role of theory-based approaches in navigating digital complexity.

pubsonline.informs.org
Published
Foundations

A Scientific Approach to Entrepreneurial Decision Making: Evidence from a Randomized Control Trial

Camuffo, A., Cordova, A., Gambardella, A., & Spina, C.

Management Science · 2020

The original RCT showing that entrepreneurs trained to behave like scientists—formulating hypotheses, designing experiments, and rigorously testing them—make better decisions and perform better.

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The Research Pipeline

Our research pipeline maintains a healthy flow from early-stage working papers through peer review to publication.

Working

17
In active development

Under Review

7
Submitted to journals

R&R

4
Positive decisions

Published

12
Accepted & printed

Research Collaborations

Our research involves collaborations with scholars from leading institutions worldwide.

University of Toronto (Rotman)
University of Toronto (Rotman)
MIT Sloan
MIT Sloan
INSEAD
INSEAD
London Business School
London Business School
University of Illinois
University of Illinois
Politecnico di Milano
Politecnico di Milano

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Interested in joint research projects? We welcome collaborations with scholars working on related questions.

  • Visiting researcher opportunities
  • Joint paper development
  • Data sharing for replication
Contact for Research Collaboration

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