Relational accounting: A cultural approach

Wherry, Frederick F.

doi:10.1057/ajcs.2016.1

Cited by 39 publications

(21 citation statements)

References 65 publications

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“…Indeed, other theoretical frameworks from sociology can shed light on certain findings from behavioral economics. For instance, Zelizer’s (2012) approach evinces a sociological counterpoint to “mental accounting” that is better explained through relational work and earmarking (Hayes 2019; Wherry 2016; cf. Thaler 1985).…”

Section: Discussionmentioning

confidence: 99%

The Behavioral Economics of Pierre Bourdieu

Hayes

2020

Sociological Theory

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This article builds the argument that Bourdieu’s dispositional theory of practice can help integrate the sociological tradition with three prominent strands of behavioral economics: bounded rationality, prospect theory, and time inconsistency. I make the case that the habitus provides an alternative framework to show how social and mental structure constitute one another, where cognitive tendencies toward irrationality can be either curtailed or amplified based on one’s position in the economic field and a person’s corresponding set of dispositions, ranging from more rational doxic dispositions to irrational allodoxic tendencies. Bridging economic sociology and behavioral economics, this work also bears on issues of persistent financial inequality reproduced through self-defeating patterns of economic behavior inculcated into individuals who occupy dominated positions in the social structure. Bourdieu’s thought, and in particular his conception of field+habitus, can usefully be applied to the empirical findings of behavioral economics to understand deviations from rational action as not only cognitive but also socially structured.

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Section: Discussionmentioning

confidence: 99%

The Behavioral Economics of Pierre Bourdieu

Hayes

2020

Sociological Theory

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“…In recent years, new research exploring the concept of relational accounting has emerged that extends Zelizer's original project beyond money (Wherry, 2016, 2017; Bandelj et al, 2017. Rather than earmarking monies based on their source and intended use, financial accounts that are earmarked for collectively endorsed life stages or ceremonial purposes come to embody shared social and symbolic importance.…”

Section: Discussionmentioning

confidence: 99%

The social meaning of financial wealth: Relational accounting in the context of 401(k) retirement accounts

Hayes

2019

Finance soc.

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Behavioral economics has become a dominant set of theories in explaining economic behavior, yet such behavior remains under the limited purview of psychological, cognitive, or neural approaches. This article draws on and extends Viviana Zelizer’s social meaning of money framework in conjunction with new work in ‘relational accounting’ to suggest a sociological counterpoint, focusing in particular on the social and symbolic meaning attached to individual 401(k) retirement accounts. Following a market downturn, neoclassical and behavioral economics predict various types of behavioral responses, in particular loss aversion – where investors seek to increase risk-taking rather than locking in a sure loss (a loss is more painful to bear than an equivalent gain). A sociological theory that understands the shared meaning of retirement saving would predict something different, a behavior I call durable conservatism. In this article, I show how this concept better explains observed risk behavior in Americans’ 401(k) accounts following the 2002 and 2008 bear markets in stocks, and how that response differed from the behavior documented in non-retirement brokerage accounts.

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“…The narratives professionals proffer in the workplace are not only related to workers' satisfaction; they also affect the broader decisions organizations make and the policies they instate. Indeed, economic sociologists have shown time and again how questions of right and wrong as well as the narratives that articulate them shape economic and financial decision making (Wherry 2016(Wherry , 2012Zelizer 1979Zelizer , 2010; see also Wuthnow 1996). Thus, ways of framing moral questions are central to policy making and, as such, are central to workplace interactions and professional community processes (see also Brophy 2014;Dobbin 1994).…”

Section: Discussionmentioning

confidence: 99%

Advertising morality: maintaining moral worth in a stigmatized profession

Cohen

Dromi

2018

Theor Soc

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Although a great deal of literature has looked at how individuals respond to stigma, far less has been written about how professional groups address challenges to their self-perception as abiding by clear moral standards. In this paper, we ask how professional group members maintain a positive self-perception in face of moral stigma. Drawing on pragmatic and cultural sociology, we claim that professional communities hold narratives that link various aspects of the work their members perform with specific understanding of the common good. These narratives allow professionals to maintain a shared view of their work as benefitting society and to perceive themselves as moral individuals. As a case study, we focus on the advertising industry, which has long been stigmatized as complicit in exploitative capitalist mechanisms and cultural degradation. We draw on 9 total months of fieldwork and 74 interviews across three U.S. advertising agencies. We find that advertising practitioners use narratives to present their work as contributing to the common good, depicting themselves as moral individuals who care about others in the process. We analyze three prevalent narratives: the account-driven narrative, which links moral virtue to caring for clients; the creative-driven narrative, which ties caring to the production of meaningful advertisements; and the strategic-driven narrative, which sees caring in finding meaningful relationships for consumers and brands.

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Relational accounting: A cultural approach

Cited by 39 publications

References 65 publications

The Behavioral Economics of Pierre Bourdieu

The Behavioral Economics of Pierre Bourdieu

The social meaning of financial wealth: Relational accounting in the context of 401(k) retirement accounts

Advertising morality: maintaining moral worth in a stigmatized profession

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