Markets from Networks :Socioeconomic Models of Production

Publication subTitle :Socioeconomic Models of Production

Author: White Harrison  

Publisher: Princeton University Press‎

Publication year: 2018

E-ISBN: 9780691187624

P-ISBN(Paperback): 9780691120386

Subject: F713.5 market

Keyword: 社会学,经济

Language: ENG

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Description

In Markets from Networks, one of America's most influential sociologists unveils a groundbreaking theory of the market economy. Arguing that most economists use overly abstract models of how the economy operates, Harrison White seeks a richer, more empirically based alternative. In doing so, he offers a more lucid, generalized treatment of the market models described in his important earlier work in order to show how any given market is situated in a broader exchange economy.


White argues that the key to economic action is that producers seek market niches to maximize profit and minimize competition. As they do so, they base production decisions not only on anticipated costs from suppliers and anticipated demand from buyers, but also by looking at their competitors. In fact, White asserts, producers act less in response to actual demand than by anticipating it: they gauge where competitors have found demand and thus determine what they can do that is similar and yet different enough to give themselves a special niche.


Building on these and related insights, White creates new mathematical models of how the economy works and how the interaction of its sectors creates mutual protection from the uncertainties of business. These models provide new ways of accounting for profits, prices, market shares, and other vital economic phenomena. He shows, for example, that prices are determined by the coalescing of local variables rather than set in terms o

Chapter

3. Market Plane

4. Quality and Unraveling

5. Signaling and PARADOX

PART TWO: Markets Compete, Too

6. Substitutability Extended

7. Market Space

8. Estimating Qualities and Parameters

PART THREE: Markets along Networks

9. Facing Upstream or Down

10. Embed and Decouple

11. Suppressing Market Realities

PART FOUR: Markets and Firms over Time

12. Investing across Markets

13. Strategic Moves and Market Evolution

14. Contrasting Research Perspectives

15. Business Cultures

16. Conclusion

Appendix. On Computations

Glossary of Symbols

Notes

References

Index

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