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Rationalizing predictably irrational choices: the social capital synthesis

Author

Listed:
  • Lindon J. Robison

    (Michigan State University)

  • Jeffrey R. Oliver

    (Brigham Young University-Idaho)

Abstract

This paper presents a synthesis of the main characteristics of neoclassical, behavioral, and socioeconomic models. The main characteristics of this synthesis is that it includes social capital-produced relational goods whose value and meaning depend on their connections to people. We contrast relational goods with commodities. Then, we examine whether the synthesis can resolve some of the sometimes conflicting explanations and predictions of economic exchange models. Finally, we apply the synthesis to rural development and find it provides useful explanations and recommendations.

Suggested Citation

  • Lindon J. Robison & Jeffrey R. Oliver, 2023. "Rationalizing predictably irrational choices: the social capital synthesis," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 70(3), pages 611-631, June.
    • Handle: RePEc:spr:anresc:v:70:y:2023:i:3:d:10.1007_s00168-019-00945-8
    DOI: 10.1007/s00168-019-00945-8
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    References listed on IDEAS

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    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • A14 - General Economics and Teaching - - General Economics - - - Sociology of Economics

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