ON PERFORMATIVITY: OPTION THEORY AND THE RESISTANCE OF FINANCIAL PHENOMENA

@article{Brisset2017ONPO,
  title={ON PERFORMATIVITY: OPTION THEORY AND THE RESISTANCE OF FINANCIAL PHENOMENA},
  author={Nicolas Brisset},
  journal={Journal of the History of Economic Thought},
  year={2017},
  volume={39},
  pages={549 - 569}
}
  • N. Brisset
  • Published 9 October 2017
  • Economics
  • Journal of the History of Economic Thought
The issue of performativity concerns the claim that economics shape rather than merely describe the social world. This idea took hold following a paper by Donald MacKenzie and Yuval Millo entitled “Constructing a Market, Performing Theory: The Historical Sociology of a Financial Derivatives Exchange” (2003). That paper constitutes an important contribution to the history of economic thought, since it provides an original way to focus on the scientific construction of the real economy. The… 
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References

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This analysis of the history of the Chicago Board Options Exchange explores the performativity of economics, a theme in economic sociology recently developed by Callon. Economics was crucial to the
Is Economics Performative? Option Theory and the Construction of Derivatives Markets
  • D. MacKenzie
  • Economics
    Journal of the History of Economic Thought
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The thesis that economics is “performative” (Callon 1998) has provoked much interest but also some puzzlement and not a little confusion. The purpose of this article is to examine from the viewpoint
Bricolage, Exemplars, Disunity and Performativity in Financial Economics
This paper describes and analyses the history of the fundamental equation of modern financial economics: the Black-Scholes (or Black-Scholes-Merton) option pricing equation. In that history, several
The big, bad wolf and the rational market: portfolio insurance, the 1987 crash and the performativity of economics
This article distinguishes two meanings of the performativity of economics, a thesis advanced by Michel Callon: ‘generic’ performativity, according to which markets and other economic relations are
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Negotiating a Market, Performing Theory: The Historical Sociology of a Financial Derivatives Exchange
This analysis of the origins and development of a key financial derivatives market, the Chicago Board Options Exchange, suggests that social interaction in such markets generates trust, permits
An Equation and its Worlds
This paper describes and analyses the history of the fundamental equation of modern financial economics: the Black-Scholes (or Black-Scholes-Merton) option pricing equation. In that history, several
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The long history of the theory of option pricing began in 1900 when the French mathematician Louis Bachelier deduced an option pricing formula based on the assumption that stock prices follow a
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