Production Markets Socially Embedded in Institution, Relation, and Culture

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     This article examines theoretically how production markets vary with their social bases; i.e., institutional, relational, and cultural contexts that construct and surround the markets. Different social contexts engender various behavioral types of market actors. Market actors display global equalization behavior as well as local optimization behavior. Producers equalize globally when they watch all other producers and hold an identical revenue to the cost ratio. They optimize locally when they solely optimize production volume on their own cost function. Consumers equalize globally when they demand all producers to provide an identical satisfaction to the expenditure ratio. They optimize locally when they demand each producer to optimize locally for consumers' satisfaction given the expenditure. Based on the diverse behavior types of market actors, four different market types are identified. This article shows that market performances are different in diverse market types. The finding shows that institutional, relational, and cultural contexts shape and construct markets as social bases.

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