Creating flows of interpersonal bits: the automation of the London Stock Exchange, c. 1955–90
Creating flows of interpersonal bits: the automation of the London Stock Exchange, c. 1955–90
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创建人际比特流：伦敦证券交易所的自动化，1955-90 年
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发表时间：
2010
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通讯作者：
Juan Pablo Pardo
中科院分区：
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作者：
Juan Pablo Pardo
本文论述了市场信息的概念。特别是，它认为，提到所谓的管道隐喻，即将市场代表为一系列信息流，隐藏了经济中本土化的、历史上的偶然性和物质中介的做法。本文沿袭了社会制度行为理论的传统，认为“市场信息”的具体含义及其具体表现形式(如价格)取决于市场参与者引导其经济行为的计算实践的社会技术特征。这一点通过伦敦证券交易所在1955至1990年间引入价格和报价传播技术的历史再现来说明。通过强调价格的历史和技术偶然性，伦敦证券交易所的案例表明，不可能为市场信息提供一个普遍的和暂时不变的定义。
Abstract This article deals with the concept of market information. In particular, it argues that references to the so-called conduit metaphor, which represents markets as a series of information flows, hide the localized, historically contingent and materially mediated practices of the economy. Following the tradition of the performative theory of social institutions, this article argues that the specific meaning of ‘market information’ and its concrete manifestations (e.g. prices) depend on the sociotechnical character of the calculative practices through which market participants orient their economic actions. The point is illustrated through a historical reconstruction of the introduction of price and quote dissemination technologies in the London Stock Exchange between 1955 and 1990. By highlighting the historical and technological contingency of prices, the case of the London Stock Exchange shows that it is impossible to provide a universally and temporally invariant definition of market information.