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A neurolinguistic approach to performativity in economics

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  • Carsten Herrmann-Pillath

Abstract

What makes institutions 'real'? One central notion has been emerging recently in sociology, which is 'performativity', a term borrowed from the philosophy of language. I propose a neurolinguistic approach to performativity that is based on John Searle's theory of institutions, especially his concept of a 'status function' and his explanation of rule-following as a neurophysiological disposition. Positing a status function is a performative act. I proceed in two steps to establish the neurolinguistic framework. First, I apply the concept of 'conceptual blending' borrowed from cognitive science on the status function, and give empirical applications from the research on performativity in financial markets. Second, I sketch the underlying neuroscience framework following the neural theory of metaphor, which I illustrate empirically with examples from behavioral finance and neuroeconomics.

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Journal of Economic Methodology.

Volume (Year): 17 (2010)
Issue (Month): 3 ()
Pages: 241-260

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Handle: RePEc:taf:jecmet:v:17:y:2010:i:3:p:241-260

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Keywords: performativity; Searle's theory of institutions; conceptual blending; emergence of markets; neural theory of metaphor; neuroeconomics;

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