Review article

In the Black Box of Rationality

Nenad Karajić ; Department of Sociology, University of Zagreb

Abstract

The author outlines a radically different decision-making model from the ones widely used in economics and in sociology. The neoclassical decision making model assumes that individuals know what is in their self interest and make choices accordingly (Utilitarian tradition). Sociologists, on the other hand, have been preoccupied with the concept of actors, whose choices are dominated by collective norms (Durkheimian tradition). Both concepts are highly unrealistic. The central thesis advanced here is that the majority of choices actors make are largely based on the interrelation between two typical viewpoints of rationality. Here an attempt is made to provide the rational choice framework which integrates instrumental rationality (cognitive, analytic) and normative-affective factors. This model is considered more appropriate than its older alternatives: homo economicus and homo sociologicus. Granovetter’s concept of embedded rationality is of crucial importance for keeping the three segments in such relations.

Keywords

homo economicus; homo sociologicus; rationality; interests; values; social embeddedness; institutions

Hrčak ID:

154568

URI

https://hrcak.srce.hr/154568

Publication date:

31.12.1995.

Article data in other languages: croatian

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