Starting from the assumption that decision situations in economic contexts are characterized by fundamental uncertainty, this article argues that the decision-making of intentionally rational actors is anchored in fictions. “Fictionality” in economic action is the inhabitation in the mind of an imagined future state of the world and the beliefs in causal mechanisms leading to this future state. Actors are motivated in their actions by the imagined future and organize their activities based on these mental representations. Since these representations are (...) not confined to empirical reality, fictional expectations are also a source of creativity in the economy. Fictionality opens up a way to an understanding of the microfoundations of the dynamics of the economy. The article develops the notion of fictional expectations. It discusses the role of fictional expectations for the dynamics of the economy and addresses the question of how fictional expectations motivate action. The last part relates the notion of fiction to calculation and social macrostructures, especially institutions and cultural frames. The conclusion hints at the research program developing from the concept of fictional expectations. (shrink)

This dissertation explores the practices of emotion work in the financial services industry as they are constructed in interviews with people employed in different financial organizations. The issues of emotion work in organizations are generally investigated in terms of emotion management, impression formation and negotiation or accomplishment. The previous research has also uncovered that emotions and market moods influence how people make financial decisions under conditions of fundamental uncertainty. In this study, I adopt a critical-interpretive approach and seek to develop (...) an in-depth understanding of organizational practices through which people employed in the financial services industry maintain emotion-reason dualism. This approach allows us to shift the analysis from categorizing what counts as rational versus emotional decision making to examining discourses that constitute claims of preferred rationality and devalue the significance of emotions at work. The transcripts of 23 interviews with 17 people employed in different financial organizations constituted the data for this study. The analysis of the interview discourse shows that emotions are conceptualized as an antipode to rationality, threat, weakness and as a source of stress. On one hand, the strategies of internal emotional control reflect the participants’ desire to take control over their feelings in order to fit into the discourse of preferred rationality. The concept of emotion also shapes the tactics of impression management. The interviewees were consciously aware of which feelings they wanted to display, and how to use emotions in order to build and maintain networks of relationships with different market participants. On the other hand, the simultaneous co-existence of negation and practical utility of feelings at work in the participants’ narratives suggests that meanings associated with preferred rationality and marginalized emotionality fluctuate along the following dimensions: absence-presence, chaos-order/discipline, weakness-power and subjectivity-objectivity. These findings open up a new space to explore the concepts of emotionality and rationality as socially constructed phenomena that are reproduced in the practices of emotion work. The focus on discourse not only offers a communication centered model of rationalized emotion, but also unveils social aspects of financial management. (shrink)

Bentley et al.--O’Brien bypass the relevance of emotions in decision-making, resulting in a possible over-simplification of behavioral types. We propose integrating emotions, both in the north-south axis (in relation to cognition) as well as in the west-east axis (in relation to social influence), by suggesting a Z axis, in charge of registering emotional depth and involvement.

This paper attempts to clarify the concept of relational work for understanding economic life as proposed by Viviana Zelizer. To do so, it first compares the concept to similar notions used in other disciplinary fields. Second, it reinterprets some exemplary economic sociology studies by using the relational work lens to clarify the concept’s utility for empirical analysis. Third, it speculates about the place of relational work in the theoretical toolkit of economic sociologists, in particular its relation to embeddedness. The paper (...) concludes by arguing for the utility of the concept to integrate structural, cultural, and power-focused analyses of economic life, to highlight the often-overlooked role of emotions in economic exchange, and to ground an alternative to rational action theory in economic sociology. (shrink)