Assemblage of a market mechanism
Assemblage of a market mechanism
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市场机制的集合
DOI：
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发表时间：
2004
期刊：
影响因子：
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通讯作者：
Fabian Muniesa
中科院分区：
文献类型：
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作者：
Fabian Muniesa
在本文中，我们通过对证券交易所自动化的实证研究来解决市场的机械特征：巴黎交易所。在这个市场中，公开喊价在20世纪80年代末被自动交易执行系统完全取代：从那时起，买入和卖出订单的对抗将由算法执行。我们展示了负责创新过程的官员和工程师如何不断将技术和社会元素结合起来，以使新的市场机制保持一致。他们必须小心地将利害攸关的利益纳入新的市场机制，以防止银行家和股票经纪人之间存在的均衡被打破。这种转化过程显示了这种市场机制的社会定位性质。
In this paper, we address the mechanistic character of markets through an empirical investigation on the automation of a stock exchange: the Paris Bourse. In this market, open outcry was fully replaced by an automated trade execution system in the late 1980s: since then, the confrontation of buy and sell orders was to be performed by an algorithm. We show how the officials and engineers in charge of the innovation process where constantly combining technical and social elements in order to make the new market mechanism hold together. They had to carefully inscribe into the new market device the interests at stake in order to prevent the breakdown of the equilibrium existing between bankers and stockbrokers. This process of translation shows the socially situated nature of this market mechanism.