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When is imitation of follower actions an effective competitive strategy for a leader? Building on prior work in competitive dynamics from the Austrian School perspective, we propose that imitation can be an effective means of staying ahead, even in the absence of mimetic social pressures. This is because the leader's imitation of follower actions represents equilibrating moves to maintain the status quo in reaction to the disequilibrating actions that the follower undertakes to catch up with the leader. Furthermore, reduction of difference in competitive positioning between leader and follower serves the same purpose, and both imitation strategies are complementary. These effects of "action imitation" and "positioning imitation," we argue, are moderated by the degree of environmental uncertainty, by the extent of the leader's initial advantage, and by the difference between leader and follower capabilities. Our theoretical arguments are supported by an analysis of data on head-to-head boat races from the America's Cup World Series. By developing mechanisms that take endogenous and exogenous contingencies of competitive interactions into account, this paper advances competitive dynamics as a predictive theory of performance outcomes
