num_pages: 192
description: Most central economic decisions are characterised by uncertainty. This is ignored by mainstream economists who often treat uncertainty as probabilistic risk. However, other economists have made important contributions to the analysis of the implications of genuine uncertainty, particularly in relation to investment and innovation. Furthermore, sociologists argue that the problem of uncertainty provides a vantage point for a new economic sociology. They stress the social interaction necessary to make sense of uncertainty and to co-ordinate action in such situations. Taking these contributions into account, this book illustrates how the behaviour of economic agents is guided by mental models which in turn are dependent on the institutional framework of the economy. In this book, economists and sociologists engage in direct collaboration to analyse the theme of uncertainty.
language: English
title: Uncertainty in Economic Decision Making: Ambiguity, Mental Models and Institutions
titlecomplete: Uncertainty in Economic Decision Making: Ambiguity, Mental Models and Institutions (New Developments in Institutional Theory series)
publisher: Edward Elgar Publishing