Handbook of Economic Organization
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Handbook of Economic Organization

Integrating Economic and Organization Theory

Edited by Anna Grandori

This comprehensive and groundbreaking Handbook integrates economic and organization theories to help elucidate the design and evolution of economic organization. Economic organization is regarded both as a subject of inquiry and as an emerging disciplinary field in its own right, integrating insights from economics, organization theory, strategy and management, economic sociology and congnitive psychology. The contributors, who share this integrated approach, are distinguished scholars at the productive peak in their fields. Each original, state-of-the art chapter not only addresses foundational issues, but also identifies key issues for future research.
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Chapter 1: Models of rationality in economic organization: ‘economic’, ‘experiential’ and ‘epistemic’

Anna Grandori

Extract

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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