Where Do Markets Come From?

White, Harrison C.

doi:10.1086/227495

Cited by 1,188 publications

(514 citation statements)

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“…Most economic and strategic models ignore the socio-cognitive process that actually generates reputational rankings (Granovetter, 1985;White, 1981). In contrast, organizational sociologists point out that rankings are social constructions that come into being through the relationships that a focal firm has with its stakeholders in a shared institutional environment (Ashforth & Gibbs, 1990).…”

Section: The Sociological Viewmentioning

confidence: 99%

The Reputational Landscape

Fombrun¹,

Riel

1997

Corp Reputation Rev

579

423

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Section: The Sociological Viewmentioning

confidence: 99%

The Reputational Landscape

Fombrun¹,

Riel

1997

Corp Reputation Rev

579

423

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“…When a supply curve is drawn in, then, any intersection of that curve with the demand curve will satisfy both conditions; the set of such intersections must then be the set of all equilibrium points for the 8A fully symmetric treatment would allow bandwagons for supply as well as for demand. In the game-theoretic literature on oligopoly and in some sociological treatments [White (1981)], suppliers' decisions are keyed to one another's. But we abstract away from such effects here.…”

Section: D(t + 1)= F[p(t + 1) D(t)] = F{p(t) + H[d(t)--s(p(t))]d(t)mentioning

confidence: 99%

Threshold models of interpersonal effects in consumer demand

Granovetter

Soong²

1986

Journal of Economic Behavior & Organization

233

135

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Whether one buys may be determined in part by how many others have. When the correlation is positive we refer to 'bandwagon' effects, and when negative, 'reverse bandwagons'. We construct demand schedules in the presence of such effects and, with simple assumptions about supply, investigate the existence of and approach to equilibrium. Stable price-quantity equilibria exist, but for many plausible parameter values, equilibria are asymptotically unstable, and system trajectories consist of cycles that can move, with slight parameter changes, via successive bifurcations into what has been called 'chaotic' dynamics, essentially indistinguishable from random noise. These conditions occur despite assumptions of perfect information, profit maximizing firms and utility maximizing individuals.

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“…This was Harrison White's original insight (i.e. that market players watch each other, see White 1981) and it has unfortunately gotten lost in subsequent focus on networks, market devices and performativity. The creation of the social structure of a particular market depends on many things, but if we myopically ignore that markets are centred on firms and their interaction, we will miss the big picture.…”

Section: Dv: Tying Back To the Main Thrust Of Your Book How Did The mentioning

confidence: 99%