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- Title
Markets as Definitional Practices.
- Authors
Smith, Charles W.
- Abstract
This paper contends that price-setting markets operate as definitional, not merely allocation, practices. It argues that such markets operate as definitional practices because market participants in the natural course of market transactions engage in interactive, interpretive, "roletaking" behaviors. These markets are a family of socially evolved practices that are not only affected by non market practices, but also affect such non market practices, not manifestations of a single analytic model. After providing a theoretical framework for these claims, the paper examines two emerging auction markets that elucidate these claims and played a significant role in generating them: sponsored word/phrase Internet search engine markets and equity option markets. The paper concludes with three programmatic recommendations grounded in this market paradigm.
- Subjects
STOCK exchanges; SECURITIES; STOCKS (Finance); WEB search engines; INFORMATION retrieval; ONLINE information services
- Publication
Canadian Journal of Sociology, 2007, Vol 32, Issue 1, p1
- ISSN
0318-6431
- Publication type
Article
- DOI
10.2307/20460614