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The Strategic Impacts of a Success CEO

Our main result is: in earlier stages, A CEO with more successful experiences can take advantage of the rival's incomplete learning about the depth of reasoning and take an action one step further best responding to the rival's action. Once the learning process reaches kmax (δ0-i), a more experienced player will be the same as a player with no experience, thus possibly being defeated by such an inexperienced player. We discuss three extensions of the basic model. First, since a CEO may serve different companies with different characters, we add in a variable to denote the firm's characteristic and discuss the impact on the learning process. Second, we consider the impact of limited memory on the learning of reasoning levels. Finally, we address the case of JC Penny case where Ron Johnson simply copied the past successful action.