Valuing the Unique: The Economics of Singularities

Description

Dealing with economic sociology, this title introduces the theory and practical tools needed to analyze markets for singularities. It shows that because of the uncertainty and the subjective valuation of singularities, the markets related to movies, music, and fine wine are equipped with the 'judgment devices' such as brands, critics and rankings.

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".

"[T]his is an admirable book. It is theoretically rich, illustrated with many, many fascinating examples of real markets, and a wonderful read for all interested in how markets really work."--John L. Campbell, Administrative Science Quarterly "Given the relative scarcity of theoretical models in economic anthropology in the last decade, anthropologists should not simply discard this very ambitious, empirically grounded model of markets of singular products. Taking into account the abundant anthropological literature on the production, circulation and consumption of singularities, it is puzzling and a bit troubling for economic anthropologists that the first theoretical synthesis on the topic comes from a sociologist. But working toward such synthesis is in itself already a great achievement of the book, one anthropologists would do well to emulate."--Marian Viorel Anastasoaie, Social Anthropology "The reader will read this book for its precise and descriptive analysis of markets for which quality is multidimensional, incommensurable, and uncertain."--John Baffes, European Review of Agricultural Economics "In demonstrating the role devices play in cases where markets are constructed against the odds--the book is an important contribution to economic sociology. In the best traditions of defamiliarisation, the book is also a beautiful book."--Monika Krause, European Economic Sociology Newsletter