Conventional and unconventional behavior under uncertainty
AbstractWhen discussing the relation between rationality and conventions under non-neoclassical uncertainty, almost all economists focus on the rationality of following a convention. This paper contributes to the construction of an alternative approach, which argues that conventions and rationality are compatible but reasonable behavior may be conventional or (partly) unconventional. The paper reviews several arguments for the reasonableness of following a convention. It then stresses the importance of factors such as creativity and an optimistic disposition to face uncertainty (animal spirits) and shows how these factors are crucial for determining whether behavior will be conventional or not.
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Bibliographic InfoArticle provided by M.E. Sharpe, Inc. in its journal Journal of Post Keynesian Economics.
Volume (Year): 26 (2003)
Issue (Month): 1 (October)
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Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=109348
animal spirits; complexity; conventions; innovation; rationality; uncertainty;
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