%0 Journal Article
%T Rationality and Routines as Dynamic Capabilities? The Case of Property Investors
%A Andr¨¦ Scharmanski
%A Martina Fuchs
%J Urbani Izziv
%D 2012
%I Urban Planning Institute of the Republic of Slovenia
%X In their decision-making, companies often follow a particular mix of old and new routines. The global commercial property industry exemplifies the combination of long-standing with novel routines. Recently, investors have turned their attention to new, far-away and still opaque market regions. In contrast to traditional property investors these new, more professional investors seek a ¡®rational¡¯ foundation for their decisions based on methodologically confident, systematically calculable procedures. The application of ¡®rational¡¯, ¡®scientific¡¯ models means that actors use algebraic models and procedures based on models of rational choice, which have emerged from neoclassical economic science. We discuss rationality and routines with a specific focus on evolutionary approaches and concentrate on routines, including the concept of dynamic capabilities.
%K decision-making process
%K novel routines
%K rational models
%K evolutionary economic geography
%U http://urbani-izziv.uirs.si/Portals/uizziv/papers/urbani-izziv-en-2012-23-supplement-1-013.pdf