This paper discusses sociological analyses of the formation and role of expectations in the economy. Recognition of the social constitution of expectations advances the understanding of economic action under conditions of uncertainty and helps to explain core features of modern capitalist...

Starting from the assumption that decision situations in economic contexts are characterized by fundamental uncertainty, the paper 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...