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1、WhereDoMarketsComeFrom?Author(s):HarrisonC.WhiteSource:AmericanJournalofSociology,Vol.87,No.3(Nov.,1981),pp.517-547Publishedby:TheUniversityofChicagoPressStableURL:http://www.jstor.org/stable/2778933.Accessed:10/12/201307:40YouruseoftheJSTORarchiveindicate
2、syouracceptanceoftheTerms&ConditionsofUse,availableat.http://www.jstor.org/page/info/about/policies/terms.jsp.JSTORisanot-for-profitservicethathelpsscholars,researchers,andstudentsdiscover,use,andbuilduponawiderangeofcontentinatrusteddigitalarchive.Weusein
3、formationtechnologyandtoolstoincreaseproductivityandfacilitatenewformsofscholarship.FormoreinformationaboutJSTOR,pleasecontactsupport@jstor.org..TheUniversityofChicagoPressiscollaboratingwithJSTORtodigitize,preserveandextendaccesstoAmericanJournalofSociolo
4、gy.http://www.jstor.orgThiscontentdownloadedfrom113.108.133.58onTue,10Dec201307:40:08AMAllusesubjecttoJSTORTermsandConditionsWhereDoMarketsComeFrom?'HarrisonC.WhiteHarvardUniversityProductionmarketshavetwosides:producersareafullyconnectedcliquetransactingw
5、ithbuyersasaseparatebutaggregatedclique.Eachproducerisadistinctivefirmwithadistinctiveproduct.Eachsidecontinuallymonitorsreactionsoftheotherthroughthemediumofajointsocialconstruction,thescheduleoftermsoftrade.Eachproducerisguidedinchoiceofvolumebythetangib
6、leoutcomesofotherproducers-notbyspeculationonhypotheticalreactionsofbuyerstoitsactions.Eachproduceractspurelyonself-interestbasedonobservedactionsofallothers,summarizedthroughafeedbackprocess.Thesummaryistheterms-of-tradeschedule,whichreducestoconstantpric
7、eonlyinlimitingcases.Themarketemergesasastructureofroleswithadifferentiatednicheforeachfirm.Explicitformulae-bothforfirmsandformarketaggregates-areobtainedbycomparative-staticsmethodsforonefamilyofassumptionsaboutcoststructuresandaboutbuyers'evaluationsofd
8、ifferentiatedprod-ucts.Notjustanysetoffirmscansustaintermsoftradewithanysetofbuyers.Thereprovetobethreemainkindsofmarkets,andthreesortsofmarketfailure,withinaparameterspacethatisspecifiedindetail.Onesortofmar
