Topic
Rationality
About: Rationality is a research topic. Over the lifetime, 20459 publications have been published within this topic receiving 617787 citations.
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Book•
01 Jan 1966
737 citations
Posted Content•
TL;DR: In this article, the authors highlight how popular understandings of neoinstitutionalism as a theory of isomorphism need to be revised as institutionalists have shifted attention towards the study of organizational heterogeneity.
Abstract: In this paper, I highlight how popular understandings of neoinstitutionalism as a theory of isomorphism need to be revised as institutionalists have shifted attention towards the study of organizational heterogeneity. As part of this shift, old emphases on arational mimicry and stability have been replaced with new emphases on institutional rationality and ongoing struggle and change. I discuss these new directions and the implications for the study of accounting practice. I argue that given recent efforts by institutionalists to account for actors and practice diversity, there is an important opportunity for dialogue with practice theorists, such as those drawing on Actor Network Theory, and the creation of a more comprehensive approach to the study of practice that attends to both institutional and micro-processual dynamics.
735 citations
Book•
01 Jan 1992TL;DR: In this paper, a case study of the case of preference reversals in economics is presented, where the authors argue that economics as an inexact and separate science is not a good fit for philosophy of science.
Abstract: List of figures Introduction Part I. Introduction, Structure and Strategy: 1. Rationality and utility theory 2. Demand and consumer choice 3. The theory of the firm and general equilibrium 4. Equilibrium theory and economic welfare 5. Models and theories in economics 6. The structure and strategy of economics 7. Overlapping generations: a case study Part II. Theory Assessment: 8. Inexactness in economic theory 9. Methodological revolution 10. Karl Popper and falsificationism in economics 11. Imre Lakatos and economic methodology 12. Economics as an inexact and separate science 13. On dogmatism in economics: the case of preference reversals Part III. Conclusion: 14. Economic methodology 15 Conclusions Appendix: an introduction to philosophy of science Bibliography Index.
732 citations
TL;DR: In this paper, the authors consider jobs for which nontrivial job-specific skills and task-specific knowledge evolve, in a learning by doing fashion, during the course of a worker's employment.
Abstract: This paper is concerned with jobs for which nontrivial job-specific skills and task-specific knowledge evolve, in a learning by doing fashion, during the course of a worker's employment Otherwise qualified but inexperienced workers cannot be regarded as the equivalent of job incumbents under such circumstances The underlying factors that give rise to job idiosyncracies and the contractual properties of four alternative contracting modes for jobs of this kind are evaluated with the assistance of what we refer to as the "organizational failures framework" Individualistic contracting modes of the contingent claims contracting, spot contracting, and authority relation types are examined The implied demands on the rationality limits of human actors are shown to be severe and the associated costs of adapting to changing job and market circumstances are shown to be considerable for jobs of the idiosyncratic kind Collectivizing the employment agreement alleviates these conditions in that it serves to economize on transaction costs in both bounded rationality and attenuate opportunism The upshot is that "internal labor markets," which others have interpreted in mainly noneconomic terms, can be supplied with an efficiency rationale -- additionally if not instead
731 citations
TL;DR: Behavioral finance as mentioned in this paper argues that some financial phenomena can plausibly be understood using models in which some agents are not fully rational, and argues that it can be difficult for rational traders to undo the dislocations caused by less rational traders.
Abstract: Behavioral finance argues that some financial phenomena can plausibly be understood using models in which some agents are not fully rational. The field has two building blocks: limits to arbitrage , which argues that it can be difficult for rational traders to undo the dislocations caused by less rational traders; and psychology , which catalogues the kinds of deviations from full rationality we might expect to see. We discuss these two topics, and then present a number of behavioral finance applications: to the aggregate stock market, to the cross-section of average returns, to individual trading behavior, and to corporate finance. We close by assessing progress in the field and speculating about its future course.
729 citations