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  Conceptual Limits of Performativity: Assessing the Feasibility of Market Design Blueprints

Rilinger, G. (2022). Conceptual Limits of Performativity: Assessing the Feasibility of Market Design Blueprints. Socio-Economic Review, (published online March 29). doi:10.1093/ser/mwac017.

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https://doi.org/10.1093/ser/mwac017 (Publisher version)
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 Creators:
Rilinger, Georg1, Author              
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1Wirtschaftssoziologie, MPI for the Study of Societies, Max Planck Society, ou_3363022              

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Free keywords: economic sociology, economic thought, financial markets, liberalization, performativity
 Abstract: Market designers work as social engineers. They create institutional structures to enforce the assumptions of theoretical market mechanisms. Despite much work on performative effects of economics, sociology has not analyzed the feasibility of designers’ theoretical blueprints. This article suggests that this may be done by identifying assumptions that derail the mechanism if they are not enforced. Sociologists then need to trace obstacles to their realization in practices of implementation. Blueprints are infeasible if the assumptions cannot be enforced either by themselves or jointly. To illustrate the approach, the article identifies one such assumption and traces its impact on a historical experiment of market design: the creation of markets for transmission capacity in California’s electricity markets. To realize the design’s explicit assumptions, designers built institutions that violated an implicit uniformity assumption and created opportunities for manipulations. Since the design’s assumptions could not be realized simultaneously, it was infeasible.

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Language(s): eng - English
 Dates: 2022-03-29
 Publication Status: Published online
 Pages: 24
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 Table of Contents: 1. Introduction
2. Performativity studies, market design and blindspots
3. Data and case
4. The blueprints for transmission pricing
5. Evaluating the blueprint
6. Discussion and Conclusion
Footnotes
Acknowledgements
References
 Rev. Type: Peer
 Identifiers: DOI: 10.1093/ser/mwac017
 Degree: -

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Title: Socio-Economic Review
Source Genre: Journal
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Pages: - Volume / Issue: (published online March 29) Sequence Number: - Start / End Page: - Identifier: ISSN: 1475-1461
ISSN: 1475-147X