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Uncertainty, Rationality and the Study of Social Institutions

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  • Oliver Kessler

Abstract

The insight that both ontological and epistemological perspectives are intertwined is certainly correct, but at the same time insufficient to differentiate mainstream from heterodox approaches to economic institutions. As this paper argues, it is important whether one starts from ontological or epistemological considerations first. The paper suggests that the difference can be described in terms of function versus rules and demonstrates that an intersubjective ontology for institutions requires also an intersubjective epistemology. Otherwise, ontological precepts contradict the epistemological ones with important repercussions for understanding knowledge, rationality and institutions.

Suggested Citation

  • Oliver Kessler, 2008. "Uncertainty, Rationality and the Study of Social Institutions," Review of Social Economy, Taylor & Francis Journals, vol. 66(4), pages 501-522.
    • Handle: RePEc:taf:rsocec:v:66:y:2008:i:4:p:501-522
    DOI: 10.1080/00346760801932692
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    Cited by:

    1. Kessler, Oliver, 2009. "Towards an economic sociology of the subprime crisis?," economic sociology. perspectives and conversations, Max Planck Institute for the Study of Societies, vol. 10(2), pages 11-16.
    2. Riccardo Sartori & Andrea Ceschi, 2011. "Uncertainty and its perception: experimental study of the numeric expression of uncertainty in two decisional contexts," Quality & Quantity: International Journal of Methodology, Springer, vol. 45(1), pages 187-198, January.

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