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Urbani izziv Volume 23, No. supplement, July 2012 : S135–S144

DOI: 10.5379/urbani-izziv-en-2012-23-supplement-1-013

 

   Article in PDF format

 

Author

André Scharmanski

Federal Institute for Research on Building, Urban Affairs and Spatial Development, Germany
andre.scharmanski@bbr.bund.de

Martina Fuchs

Faculty of Management, Economics and Social Sciences, Department of Economic and Social Geography, University of Cologne, Germany
fuchs@wiso.uni-koeln.de

 

Title

Rationality and Routines as Dynamic Capabilities? The Case of Property Investors

 

Abstract

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.

 

Key Words

decision-making process, novel routines, rational models, evolutionary economic geography

 

 

 

PUBLISHER

Urbanistični inštitut RS
Urbani izziv - Editorial Board
Trnovski pristan 2, 1000 Ljubljana, SLO

  + 386 (0)1 420 13 10
  urbani.izziv@uirs.si

ISSN

Print edition: 0353-6483
Web edition: 1855-8399

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1.2
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