An Engine, Not a Camera: How Financial Models Shape Markets

By Donald MacKenzie. 2006

1,996 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/6f65550cf1d98c6097997b6679014f572981e159

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Citations in the corpus

The remit of financial geography—before and after the crisis (2009, background): “…of ethnographic work in literatures in Anthropology, Sociology, Social Studies of Finance and Actor Network Theory (for example, Maurer 2005, MacKenzie 2006, Goldman 2005), one potentially fruitful avenue of exploration would produce complementary ethnographies interrogating how less…”
The Sociology of Finance (2011, background): “Performativity is a key concept in this regard (Callon 2007), and MacKenzie & Millo’s (2003) discussion of the Black-Scholes option pricing model offers an exemplary application (see also MacKenzie 2006).”
Reconceptualizing financial innovation: frame, conjuncture and bricolage (2010, background): “Thus, in MacKenzie’s metaphor, theory is an engine not a camera so that financial theorems are characterised as ‘producers’ of market behaviour and prices, instead of ‘cameras’ which merely depict what is ontologically given (MacKenzie 2006).”
Do economists make policies? On the political effects of economics (2014, background): “…described by Ferguson (1990) to the unintended consequences of US prison sentencing reform discussed by Espeland and Vannebo (2007), to the sequence of performativity and counterperformativity MacKenzie (2006) found at play as the Black–Scholes–Merton model was put to work in financial markets.”
Institutional Logics in the Study of Organizations: The Social Construction of the Relationship between Corporate Social and Financial Performance (2011, background): “…shape their research interests and, in relatively immature fields (Boyd, Finkelstein & Gove, 2005), even their findings because organizational theories and research assumptions can become selffulfilling prophecies (Donaldson, 1995; Ferraro, Pfeffer & Sutton, 2005; Ghoshal, 2005; MacKenzie, 2006).”
Platform Real Estate: theory and practice of new urban real estate markets (2018, background): “…models and units by which to commensurate future urban real estate values become established and obdurate within PRE over time, because they can give rise to both a performative and counterperformative potential for the production of economic crises (MacKenzie, 2006; MacKenzie & Spears, 2014).”
Rationalities of ignorance: on financial crisis and the ambivalence of neo-liberal epistemology (2012, background): “Donald MacKenzie has gone further still, suggesting that economic models are active participants in financial markets, transforming the reality they purport to represent, and thereby gradually weakening their correspondence to it (cf. MacKenzie, 2006).”
Economization, part 2: a research programme for the study of markets (2010, background): “In this respect, the pioneering work not only of MacKenzie (2006) but also of Knorr-Cetina and Bruegger (2002) and Muniesa (2000, 2003) is noteworthy.”
Counterparty Credit Risk : The new challenge for global financial markets (2009, background): “2) defines a conditional (on a confidence level) expected loss and is the result of the Merton-style model described in Section 10.2.2 under the LHP assumptions of Vasicek (1997) and granularity adjustment formula of Gordy (2004).”
A very geographical crisis: the making and breaking of the 2007–2008 financial crisis (2009, background): “But it appears that in this instance a model doth not a market make, or at least when markets move outside the particular norms that historical data can dictate (cf. MacKenzie, 2006)1.”
Reassembling Social Science Methods: The Challenge of Digital Devices (2013, background): “And this leads us to our second suggestion that such cascades are simultaneously embedded in and shaped by the social world, and can in turn become agents that act in and shape that world.”
What to expect when you’re expecting robots: Futures, expectations, and pseudo-artificial general intelligence in UK news (2020, background): “In other words, expectations are performative (MacKenzie, 2006).”
Construction, Concentration, and (Dis)Continuities in Social Valuations (2012, neutral): “…where it is highly relevant, and one context in particular—financial markets—where it is the basis for arguments that endorse pure constructionism (e.g., Mackenzie 2006; Zajac and Westphal 2004; see Zuckerman 2012)19.”
Digital subjectivation and financial markets: Criticizing Social Studies of Finance with Lazzarato (2016, background): “This is, for instance, what happened, according to MacKenzie (2008), in the 1987 financial crash.”
The usefulness of inaccurate models: Towards an understanding of the emergence of financial risk management (2009, methodology): “MacKenzie / Accounting, Organizations and Society 34 (2009) 638–653 639”