This paper compares case studies and simulations, two popular experiential learning techniques used in capstone strategy courses, to provide insights into how each may contribute to the development and demonstration of students' critical thinking skills. We compared critical thinking assessments of a simulation-based assignment with the same assessments of a case study assignment. Our findings suggest that simulations promote recursive learning and may result in higher critical thinking outcomes than the more passive learning typical of case studies. Recursive learning occurs through evaluation of successes and failures, and subsequent adjustments to strategy, characteristic of the competitive business simulation.