Cognitive Coordination and Economic Organization: Analogy and the Emergence of Focal Points

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    Abstract

    The theme of this paper is the cognitive dimension of institutions (Scott 1995). By this we refer to how institutions provide the schemas, scripts, points of orientation, signposts, etc. that allow agents to coordinate their actions by first coordinating their beliefs, (expectations, plans, strategies, etc.) (Hayek 1937, Lachmann 1971; Foss 1996) what we call ”cognitive coordination.” The main aim is to take steps towards an understanding of how cognitive oordination may enter into the theory of economic organization.
    Original languageEnglish
    Place of PublicationKøbenhavn
    PublisherInstitut for Industriøkonomi og Virksomhedsstrategi, Handelshøjskolen i København
    Number of pages28
    ISBN (Print)8778690676
    Publication statusPublished - 2001
    SeriesWorking Paper / Department of Industrial Economics and Strategy. Copenhagen Business School
    Number2001-2
    ISSN1398-7461
    SeriesLINK Working Paper
    Number2001-04

    Cite this

    Foss, N. J., & Lorenzen, M. (2001). Cognitive Coordination and Economic Organization: Analogy and the Emergence of Focal Points. Institut for Industriøkonomi og Virksomhedsstrategi, Handelshøjskolen i København. Working Paper / Department of Industrial Economics and Strategy. Copenhagen Business School, No. 2001-2, LINK Working Paper, No. 2001-04