Valuing the Unique

by Karpik, Lucien; Scott, Nora

• ISBN13: 9780691137100
• ISBN10: 0691137102
• Format: Paperback
• Copyright: 2010-07-01
• Publisher: Princeton Univ Pr

Summary

In this landmark work of economic sociology, Lucien Karpik introduces the theory and practical tools needed to analyze markets for singularities. Singularities are goods and services that cannot be studied by standard methods because they are multidimensional, incommensurable, and of uncertain quality. Examples include movies, novels, music, artwork, fine wine, lawyers, and doctors.Valuing the Uniqueprovides a theoretical framework to explain this important class of products and markets that for so long have eluded neoclassical economics.With this innovative theory--called the economics of singularities--Karpik shows that, because of the uncertainty and the highly subjective valuation of singularities, these markets are necessarily equipped with what he calls "judgment devices"--such as labels, brands, guides, critics, and rankings--which provide consumers with the credible knowledge needed to make reasonable choices. He explains why these markets are characterized by the primacy of competition by qualities over competition by prices, and he identifies the conditions under which singularities are constructed or are in danger of losing their uniqueness.After demonstrating how combinations of the numerous and multiform judgment devices can be used to identify different market models, Karpik applies his analytical tools to the functioning of a large number of actual markets, including fine wines, movies, luxury goods, pop music, and legal services.

Author Biography

Lucien Karpik is a sociologist at the Ecole des Mines and the Centre Raymond Aron (EHESS) in Paris. His books include "French Lawyers: A Study in Collective Action, 1274-1994" and, with Terence C. Halliday and Malcolm M. Feeley, "Fighting for Political Freedom: Comparative Studies of the Legal Complex and Political Liberalism".

Table of Contents

List of Illustrations and Tables	p. ix
Preface	p. xi
An Overlooked Reality
The Problem	p. 3
Singularities	p. 10
What are Singularities?	p. 10
A Preliminary Journey	p. 13
The Market of Psychoanalysis	p. 15
Two Models of Singularity	p. 16
Do we Need Another Market Theory?	p. 21
What Mainstream Economics Could Only Ignore	p. 21
What the "New Economics" Chose to Ignore	p. 23
Tools for Analysis
Judgment	p. 35
Can Economic Analysis Ignore Information?	p. 35
Decision and Judgment	p. 36
What is Judgment?	p. 39
Judgment Devices	p. 44
Devices are Representatives	p. 46
Devices are Cognitive Supports	p. 49
Devices are Active Forces	p. 51
Trust Devices	p. 55
Formal Analysis	p. 57
Substantive Analysis	p. 58
Homo singularis	p. 67
Value and Instrumentality	p. 68
Shopping	p. 73
The Red Michelin Guide: A Paper Engine	p. 77
How Many Ninth Symphonies Did Beethoven Compose?	p. 80
The Metamorphosis of Singularities	p. 87
The Weight of Words	p. 88
Can Sameness Engender Incommensurability?	p. 89
The Regimes of Economic Coordination	p. 96
A Classification of the Economic Coordination Regimes	p. 97
Consumer Commitments and Coordination Regimes	p. 103
Interlude	p. 106
Economic Coordination Regimes
Impersonal Devices Regimes	p. 131
The Authenticity Regime	p. 133
The Market of Fine Wines	p. 135
The Hachette and the Parker Guides to Wine	p. 138
The Intelligentsia, Connoisseurs, and the Layman	p. 141
Vulnerability of the French Fine-Wines Market?	p. 144
The Mega Regime	p. 148
Megafilms	p. 148
The Luxury Megafirm	p. 157
The Megabrand	p. 163
The Expert-Opinion Regime	p. 167
Literary Prizes	p. 167
Trendsetters and Gatekeepers	p. 170
Public Quality-Rating Devices	p. 171
The Common-Opinion Regime	p. 174
Songs	p. 175
Adjustment by the Charts	p. 177
Personal Devices Regimes	p. 181
The Network-Market	p. 183
The Personal Network	p. 183
The Trade Network	p. 185
The Practitioner Network	p. 186
The Reticular Coordination Regime	p. 188
Coordination by Shared Convictions	p. 188
Coordination by Belief in Miracle Workers	p. 191
The Professional Coordination Regime	p. 195
Professional Regime Variants	p. 196
Legal-Services Coordination Regime Variants	p. 203
Prices	p. 209
Concordance	p. 211
Disproportion	p. 219
Finale
The Historicity of Singularities	p. 229
The Rule of Product Renewal	p. 232
Desingularization of Personalized Services	p. 236
Desingularization of Pop Music	p. 242
Conclusion: Economics of Singularities and Individualism	p. 255
On Individualism	p. 256
Singularities and Individualism	p. 261
Index	p. 265
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