Integrating Economic and Organization Theory
Edited by Anna Grandori
Chapter 1: Models of rationality in economic organization: ‘economic’, ‘experiential’ and ‘epistemic’
This chapter reviews the models of decision-making relevant to economic organization, starting with the two main economic and behavioral paradigms. An original contribution will be the identification of a narrower and a wider account for each. It is then argued that, in the wider account, they need not be seen as rival ‘paradigms’ (only one of which is then seen as acceptable) but can be seen as alternative decision strategies (each with claims of effectiveness and efficiency under specified circumstances). Second, the chapter reviews recent research on decision-making in innovative settings which, as a whole, is seen as providing a third, missing model of decision-making that in the course of being ‘heuristic’ (oriented to empirical discovery) is also ‘logically sound’, hence arguably rational.
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