IDEAS home Printed from https://ideas.repec.org/a/mes/postke/v26y2003i1p145-168.html
   My bibliography  Save this article

Conventional and unconventional behavior under uncertainty

Author

Listed:
  • DAVID DEQUECH

Abstract

When 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.

Suggested Citation

  • David Dequech, 2003. "Conventional and unconventional behavior under uncertainty," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 26(1), pages 145-168.
  • Handle: RePEc:mes:postke:v:26:y:2003:i:1:p:145-168
    DOI: 10.1080/01603477.2003.11051384
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/01603477.2003.11051384
    Download Restriction: Access to full text is restricted to subscribers.

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Dequech, David, 2009. "Institutions, social norms, and decision-theoretic norms," Journal of Economic Behavior & Organization, Elsevier, vol. 72(1), pages 70-78, October.
    2. David Dequech, 2006. "Towards An Alternative To The Game-Theoretic Concept Of Conventions," Anais do XXXIV Encontro Nacional de Economia [Proceedings of the 34th Brazilian Economics Meeting] 77, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    3. Modenesi, Rui Lyrio & Modenesi, André de Melo & Martins, Norberto Montani & Fontaine, Patrick, 2015. "Restructuring the Economic Policy Framework in Brazil: Genuine or Gattopardo change?," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 17.
    4. André de Melo Modenesi & Rui Lyrio Modenesi & José Luis Oreiro & Norberto Montani Martins, 2013. "Convention, interest rates and monetary policy: a post-Keynesian–French-conventions-school approach," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 10(1), pages 76-92.
    5. Mark Hayes, 2006. "The Economics of Keynes: A New Guide to The General Theory," Books, Post Keynesian Economics Study Group (PKSG), number nggt.
    6. Dequech, David, 2006. "The new institutional economics and the theory of behaviour under uncertainty," Journal of Economic Behavior & Organization, Elsevier, vol. 59(1), pages 109-131, January.
    7. David Dequech, 2016. "Some Institutions (Social Norms And Conventions) Of Contemporary Mainstream Economics, Macroeconomics, And Financial Economics," Anais do XLIII Encontro Nacional de Economia [Proceedings of the 43rd Brazilian Economics Meeting] 006, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    8. Schreyögg, Georg & Ostermann, Simone M., 2014. "Managing uncertainty in intensive care units: Exploring formal and informal coping practices in a university hospital," Discussion Papers 2014/14, Free University Berlin, School of Business & Economics.
    9. Rui Lyrio Modenesi & André De Melo Modenesi, 2016. "Development Conventions: Theory And The Brazilian Case After The Mid-20th Century," Anais do XLII Encontro Nacional de Economia [Proceedings of the 42nd Brazilian Economics Meeting] 082, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    10. Luca Andriani, 2015. "Institutional Conformity and Regional Credit Market Failures: Evidence from the Italian Industrial Districts," Management Working Papers 11, Birkbeck Department of Management, revised Nov 2015.
    11. David Dequech, 2005. "Institutions: A Concept For A Theory Of Conformity And Innovation," Anais do XXXIII Encontro Nacional de Economia [Proceedings of the 33rd Brazilian Economics Meeting] 174, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:mes:postke:v:26:y:2003:i:1:p:145-168. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Chris Longhurst). General contact details of provider: http://www.tandfonline.com/MPKE20 .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.