An Engine, Not a Camera 在線電子書 圖書標籤: 經濟社會學 金融 經濟學 社會學 知識社會學 英國 經濟 管理
發表於2024-12-23
An Engine, Not a Camera 在線電子書 pdf 下載 txt下載 epub 下載 mobi 下載 2024
a key piece in performativity!
評分關於 performativity 的論點在其他地方已經看瞭,剩下的內容看的有點頭昏 not a big fan
評分效率市場假說既不是一個客觀描述,也不是一個主觀幻想。這一類假說與從其推導齣的金融定價策略在70到80年代直接影響瞭投資行為,並通過與交易所一係列“基礎設施”的互動被逐漸鑲嵌在算法、定價習慣及空間設計上,構建齣今天看似符閤假說的市場。所以,所謂“理性人”沒有天生存在,它其實是一個被各種理論與實踐逐漸構建齣的一個結果。然而這種被構建齣的“理性人”和“理性”市場並不穩定,也不一直理性。當基於BSM模型製訂的金融策略成為一種行業通用準則,這種策略本身的巨大體量也注定它不再是完美競爭市場中的一員,而有瞭扭麯市場“理性”定價的能力。不管是“理性”市場的齣現還是消失,都證明瞭理論與市場之間互相影響的緊密關係。MacKenzie最大的貢獻在於他揭示瞭這種關係的物質屬性,為STS打開瞭一扇窗。
評分關於 performativity 的論點在其他地方已經看瞭,剩下的內容看的有點頭昏 not a big fan
評分We develop financial models to analyse the market, and the market has been becoming more like what the model has prediced- the idea of "performativity", market is "performing" the theory. MacKenzie作為一個社會學傢能把金融理論寫的比我金融課本還清楚真是值得大贊,還附贈好多經濟學傢八卦哈哈
In An Engine, Not a Camera, Donald MacKenzie argues that the emergence of modern economic theories of finance affected financial markets in fundamental ways. These new, Nobel Prize-winning theories, based on elegant mathematical models of markets, were not simply external analyses but intrinsic parts of economic processes. <br /> <br /> Paraphrasing Milton Friedman, MacKenzie says that economic models are an engine of inquiry rather than a camera to reproduce empirical facts. More than that, the emergence of an authoritative theory of financial markets altered those markets fundamentally. For example, in 1970, there was almost no trading in financial derivatives such as "futures." By June of 2004, derivatives contracts totaling $273 trillion were outstanding worldwide. MacKenzie suggests that this growth could never have happened without the development of theories that gave derivatives legitimacy and explained their complexities. <br /> <br /> MacKenzie examines the role played by finance theory in the two most serious crises to hit the world’s financial markets in recent years: the stock market crash of 1987 and the market turmoil that engulfed the hedge fund Long-Term Capital Management in 1998. He also looks at finance theory that is somewhat beyond the mainstream--chaos theorist Benoit Mandelbrot’s model of “wild” randomness. MacKenzie’s pioneering work in the social studies of finance will interest anyone who wants to understand how America’s financial markets have grown into their current form.
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An Engine, Not a Camera 在線電子書 pdf 下載 txt下載 epub 下載 mobi 下載 2024