The big, bad wolf and the rational market: portfolio insurance, the 1987 crash and the performativity of economics
The big, bad wolf and the rational market: portfolio insurance, the 1987 crash and the performativity of economics
复制标题
大灰狼和理性市场：投资组合保险、1987 年崩盘和经济学的表现
DOI：
--
复制
发表时间：
2004
期刊：
影响因子：
--
通讯作者：
D. MacKenzie
中科院分区：
文献类型：
--
作者：
D. MacKenzie
本文区分了米歇尔·卡隆 (Michel Callon) 提出的经济学表现性的两个含义：“一般”表现性，根据这种表现性，市场和其他经济关系不应被视为给定的，而是由经济实践来执行；以及“奥斯汀式”表演性，其中经济学将其所描述的关系带入现实。通过考察投资组合保险（一种基于期权定价经济学的金融市场技术）、1987 年股市崩盘的历史以及随后诊断崩盘原因和重新设计市场以避免未来灾难的努力，探讨了这两种版本的表现性。文章强调了高度现代性的金融市场在多大程度上是被设计的实体，并认为其设计问题始终是一个政治问题，即使它很少被这样认识。
This article distinguishes two meanings of the performativity of economics, a thesis advanced by Michel Callon: ‘generic’ performativity, according to which markets and other economic relations are not to be taken as given, but as performed by economic practices; and ‘Austinian’ performativity, in which economics brings into being the relationships it describes. The two versions of performativity are explored by means of an examination of the history of portfolio insurance (a financial-market technique based on the economics of option pricing), of the 1987 stock market crash, and of subsequent efforts to diagnose the causes of the crash and to redesign the market to avoid future catastrophe. The article emphasizes the extent to which the financial markets of high modernity are designed entities, and argues that the question of their design is always a political question, even if it is seldom recognized as such.