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Towards a unified theory of market prices: turning to pricing in practice

Bååth, Jonas LU orcid (2023) In Socio-Economic Review 21(1). p.5-23
Abstract
This article proceeds from the question: how do prices in markets work? In socioeconomic theories, I find two answers to this question. The structural-coordinative approach explains prices as outcomes—coordinative effects of pricing scripts installed by exogenous, institutionalized social structures. The performative-epistemological approach explains prices as market devices—endogenous performative-epistemological tools of marketization. While not necessarily antithetical, the two theories define market knowledge, pricing and price in distinct ways. Drawing on ethnographic fieldwork from the Swedish meat industry, this article examines the merits of the two aforementioned theories and the prospects for unifying them. The conclusion... (More)
This article proceeds from the question: how do prices in markets work? In socioeconomic theories, I find two answers to this question. The structural-coordinative approach explains prices as outcomes—coordinative effects of pricing scripts installed by exogenous, institutionalized social structures. The performative-epistemological approach explains prices as market devices—endogenous performative-epistemological tools of marketization. While not necessarily antithetical, the two theories define market knowledge, pricing and price in distinct ways. Drawing on ethnographic fieldwork from the Swedish meat industry, this article examines the merits of the two aforementioned theories and the prospects for unifying them. The conclusion presents an empirically grounded proposal for such a unification, emphasizing that prices, in practice, simultaneously express embedding social structures and mobilize marketization. A unified theory of market prices allows for identifying and analysing the recursive relation of social structures and performed episteme in pricing; how prices both express and realize market organization. (Less)
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author
organization
publishing date
type
Contribution to journal
publication status
published
subject
in
Socio-Economic Review
volume
21
issue
1
pages
5 - 23
publisher
Oxford University Press
external identifiers
  • scopus:85213227462
ISSN
1475-1461
DOI
10.1093/ser/mwac010
language
English
LU publication?
yes
id
80a7924d-49a6-4bb8-b999-817260c216b3
date added to LUP
2021-11-19 09:00:54
date last changed
2025-04-04 14:56:09
@article{80a7924d-49a6-4bb8-b999-817260c216b3,
  abstract     = {{This article proceeds from the question: how do prices in markets work? In socioeconomic theories, I find two answers to this question. The structural-coordinative approach explains prices as outcomes—coordinative effects of pricing scripts installed by exogenous, institutionalized social structures. The performative-epistemological approach explains prices as market devices—endogenous performative-epistemological tools of marketization. While not necessarily antithetical, the two theories define market knowledge, pricing and price in distinct ways. Drawing on ethnographic fieldwork from the Swedish meat industry, this article examines the merits of the two aforementioned theories and the prospects for unifying them. The conclusion presents an empirically grounded proposal for such a unification, emphasizing that prices, in practice, simultaneously express embedding social structures and mobilize marketization. A unified theory of market prices allows for identifying and analysing the recursive relation of social structures and performed episteme in pricing; how prices both express and realize market organization.}},
  author       = {{Bååth, Jonas}},
  issn         = {{1475-1461}},
  language     = {{eng}},
  number       = {{1}},
  pages        = {{5--23}},
  publisher    = {{Oxford University Press}},
  series       = {{Socio-Economic Review}},
  title        = {{Towards a unified theory of market prices: turning to pricing in practice}},
  url          = {{http://dx.doi.org/10.1093/ser/mwac010}},
  doi          = {{10.1093/ser/mwac010}},
  volume       = {{21}},
  year         = {{2023}},
}