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People invest much time and money in consuming knowledge. We argue that people systematically vary in the types of knowledge they prefer to know and that such preferences can have broad implications for consumer behavior. We illustrate this in the context of the preference for practical versus theoretical knowledge. Specifically, we propose and show that some people prefer to know more about how to apply and make use of phenomena they encounter, whereas others prefer to know more about what explicates and underlies the phenomena. We further propose and demonstrate that the extent to which people prefer practical versus theoretical knowledge can help predict their behaviors in a wide variety of consumption domains such as education (e.g., choice of learning materials, preference for different MBA programs), marketing information (e.g., skepticism toward advertising and reference prices), and intertemporal discounting (e.g., reaction to service delays; preference for fast food restaurants).

Concepts equip the mind with thought, provide our theories with ideas, and assign variables for testing our hypotheses. Much of contemporary research deals with narrowly circumscribed concepts, termed simple concepts herein, which are the grist for much empirical inquiry in the field. In contrast to simple concepts, which exhibit a kind of unity, complex concepts are structures of simple concepts, and in certain instances unveil meaning going beyond simple concepts or their aggregation. When expressed in hylomorphic structures, complex concepts achieve unique ontological status and serve particular explanatory capabilities. We develop the philosophical foundation for hylomorphic structures and show how they are rooted in dispositions, dispositional causality, and various mind–body trade-offs. Examples are provided for this emerging perspective on “Big concepts” or “Big Ideas.”

This volume presents state-of-the-art research and thinking on the analysis of justification, evaluation and critique in organizations, as inspired by the foundational ideas of French Pragmatist Sociology’s economies of worth (EW) framework. In this introduction, we begin by underlining the EW framework’s importance in sociology and social theory more generally and discuss its relative neglect within organizational theory, at least until now. We then present an overview of the framework’s intellectual roots, and for those who are new to this particular theoretical domain, offer a brief introduction to the theory’s main concepts and core assumptions. This we follow with an overview of the contributions included in this volume. We conclude by highlighting the EW framework’s important yet largely untapped potential for advancing our understanding of organizations more broadly. Collectively, the contributions in this volume help demonstrate the potential of the EW framework to (1) advance current understanding of organizational processes by unpacking justification dynamics at the individual level of analysis, (2) refresh critical perspectives in organization theory by providing them with pragmatic foundations, (3) expand and develop the study of valuation and evaluation in organizations by reconsidering the notion of worth, and finally (4) push the boundaries of the framework itself by questioning and fine tuning some of its core assumptions. Taken as a whole, this volume not only carves a path for a deeper embedding of the EW approach into contemporary thinking about organizations, it also invites readers to refine and expand it by confronting it with a wider range of diverse empirical contexts of interest to organizational scholars.

Buying secondhand clothing is not only interesting for consumers wanting to save money but also for sustainable clothing enthusiasts. It is now among a number of consumption practices which slow down fast fashion production while saving 10 to 20 times the energy (Fletcher, 2008, p. 100). While most of the recent scholarly work focuses on secondhand consumers (Bianchi & Birtwistle, 2010; Franklin, 2011; Norum, 2015), this paper aims to examine business activities. This perspective from economic anthropology enhances understandings of secondhand clothing, as research to-date has tended to neglect the semiotic function of clothing while underlining exchanges. To gain insight into the dynamics of the sector in Germany today, two businesses from Hamburg have been ethnographically examined by the author since 2014. This study outlines their work practices and explains the development of this high-end segment of the market from the 1970s until the digital age. For businesses, the digitalization of the trade has had massive effects on their business practice because it seems to solve inherent problems connected to the selling of pre-owned clothing. I argue that the digitalization did not only promote acceptance of buying secondhand clothing in Germany but also the emergence of new businesses models.

Low labor costs and market access are no longer competitive differentiators; increasingly companies are looking to design and develop new products and services as a crucial source of competitive advantage. As the pressure to innovate increases, so does the tension between shorter-term exploitative development and longer-term exploratory innovation activities. We explore this tension using interview data from software SMEs and venture capitalist firms who invest in technology-driven companies. Findings indicate that, despite firm’s having established solid innovation plans, short-term exploitative demands crowd out their longer-term exploration innovation during the development phase. Agency and resource dependence theories are used to start to explore some of the reasons for this shift. Implications and suggestions for future research are discussed.

This article considers the contribution of social science in the teaching of finance based on personal teaching experience in the fields of both market finance and corporate finance. We show how adopting a social science lens can help to change teaching practice in the field. First, due to the social science research epistemology, we apply an inductive method based on observations of real facts, e.g., a financial scandal, a crisis, evaluation of a product, the bank credit granting process. Second, we portray objectified finance as it actually works. Third, we focus on deconstruction to offer a fresh take on the world of finance with the help of critical analysis. Depending on the finance course and the target audience, this can be done through the lens of techniques, financial organisation or an analysis of institutions. The paper offers new ideas to rejuvenate finance education. More specifically, by teaching finance through the lens of social science, we can abandon the monolithic and dogmatic framework of finance theory and instead propose a pluralism of theoretical frameworks and a continuum of complementary interpretations. In addition to developing students' open-mindedness in the field of finance, the inductive approach starting from by how finance actually works enriches the material provided by ‘seminal’ finance books that are mostly confined to mainstream theory. Social science is a developing and rich area of research, but, to our knowledge, its implications for finance teaching have yet to be analysed.

This article reviews the quantitative marketing literature on artificial intelligence (AI) through an economics lens. We apply the framework in Prediction Machines: The Simple Economics of Artificial Intelligence to systematically categorize 96 research papers on AI in marketing academia into five levels of impact, which are prediction, decision, tool, strategy, and society. For each paper, we further identify each individual component of a task, the research question, the AI model used, and the broad decision type. Overall, we find there are fewer marketing papers focusing on strategy and society, and accordingly, we discuss future research opportunities in those areas.