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| Author: | Pixley, J. |
| Title: | Finance organizations, decisions and emotions |
| Journal: | British Journal of Sociology
2002 : MAR, VOL. 53:1, p. 41-66 |
| Index terms: | FINANCE FINANCE COMPANIES UNCERTAINTY TRUST EXPECTATIONS |
| Language: | eng |
| Abstract: | Analyses of global financial markets are dominated by atomized models of decision-making and behavioural psychology ('exuberance' or 'panic'). In contrast, this paper argues that overwhelmingly, finance organizations rather than 'individuals' make decisions, and routinely use emotions in formulating expectations. Keynes introduced emotion (business confidence and animal spirits) but in economics, emotion remains individualistic and irrational. Luhmann's system theory lies at the other extreme, where emotions like trust and confidence are central variables, functional in the reduction of complexity in sub-systems like the economy. |
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