What level is a 707 credit score

How are prices created?

literature

  1. Abolafia, M. Y. (1996).Making markets: Opportunism and restraint on Wall Street. Cambridge: Harvard University Press.

    Google Scholar

  2. Ackerman, F., & Heinzerling, L. (2005).Priceless. On knowing the price of everything and the value of nothing. New York: The New Press.

    Google Scholar

  3. Ashcraft, A. B., & Schuermann, T. (2008). Understanding the securitization of Subprime Mortgage Credit. Federal Reserve Bank of New York, Staff Report no. 318, March 2008. http://www.newyorkfed.org/research/staff_reports/sr318.pdf. Accessed October 2011.

  4. Aspers, P. (2007). Knowledge and evaluation in markets.Berlin Journal for Sociology, 17, 431–449.

    Article Google Scholar

  5. Aspers, P. (2011).Markets. Cambridge: Polity Press.

    Google Scholar

  6. Aspers, P., & Beckert, J. (2011). Value in markets. In J. Beckert & P. ​​Aspers (Eds.),The worth of goods. Valuation and pricing in the economy (Pp. 3-38). Oxford: Oxford University Press.

    Google Scholar

  7. Ayres, R. U., & Warr, B. (2009).The economic growth engine. How energy and work drive material prosperity. Cheltenham: Edward Elgar.

    Google Scholar

  8. Beckert, J. (2007).The social order of markets. MPIfG Discussion Paper, 07/6. Cologne: Max Planck Institute for the Study of Societies.

    Google Scholar

  9. Beckert, J. (2011). Where do prices come from? Sociological approaches to price formation.Socio-Economic Review, 9, 757–786.

    Article Google Scholar

  10. Beckert, J., & Aspers, P. (2011).The worth of goods. Valuation and pricing in the economy. Oxford: Oxford University Press.

    Google Scholar

  11. Beckert, J., & Rössel, J. (2004). Art and prizes. Reputation as a mechanism for reducing uncertainty in the art market.Cologne Journal for Sociology and Social Psychology, 56, 32–50.

    Article Google Scholar

  12. Beunza, D., & Stark, D. (2004). Tools of the trade: The socio-technology of arbitrage in a Wall Street trading room.Industrial and Corporate Change, 13, 369–400.

    Google Scholar

  13. Binswanger, H.C. (2009).Forward to Moderation: Prospects for a Sustainable Economy. Hamburg: Murmann.

    Google Scholar

  14. Boot, A. W. A., Milbourn, T. T., & Schmeits, A. (2006). Credit ratings as coordination mechanisms.The Review of Financial Studies, 19, 81–118.

    Article Google Scholar

  15. Caliskan, K., & Callon, M. (2009). Economization, part 1: Shifting attention from the economy towards processes of economization.Economy and Society, 38, 369–398.

    Article Google Scholar

  16. Caliskan, K., & Callon, M. (2010). Economization, part 2: A research program for the study of markets.Economy and Society, 39, 1–32.

    Article Google Scholar

  17. Callon, M. (2009). Civilizing markets: Carbon trading between in vitro and in vivo experiments.Accounting, Organizations and Society, 34, 535–548.

    Article Google Scholar

  18. Census Bureau. (2007). Housing vacancies and home ownership. http://www.census.gov/hhes/www/housing/hvs/annual05/ann05t12.html. Accessed September 2011.

  19. Chomsisengphet, S., & Pennington-Cross, A. (2006). The evolution of the subprime mortgage market.Federal Reserve Bank of St. Louis Review, 88, 31–56.

    Google Scholar

  20. Costanza, R., d'Arge R., de Groot, R., Farber, S., Grasso, M., Hannon, B., Limburg, K., Naeem, S., O'Neoll, RV, Paruelo, J., Raskin, RG, Sutton, P., & Van Den Belt, M. (1997). The value of the world's ecosystem services and natural capital.Nature,387, 253–260.

    Article Google Scholar

  21. Decker, M. (2007). Statement of Michael Decker, Senior Managing Director, Research and Public Policy, before the Committee on Finance United States Senate. Hearing on the housing decline: The extent of the problem and potential remedies, December 13, 2007.

  22. Demyanyk, Y., & Van Hemert, O. (2008). Understanding the subprime mortgage crisis. Manuscript, http://ssrn.com/abstract=1020396. Accessed September 2011.

  23. Djelic, M.-L. (2006). Marketization: From intellectual agenda to global policy-making. In M.-L. Djelic & K. Sahlin-Andersson (Eds.),Transnational governance. Institutional dynamics of regulation (Pp. 53-73). Cambridge: Cambridge University Press.

    Google Scholar

  24. Dore, R. (2008). Financialization of the global economy.Industrial and Corporate Change,17, 1097–1112.

    Article Google Scholar

  25. Engelen, E. (2008). The case of financialization.Competition and Change, 12, 111–119.

    Article Google Scholar

  26. Engels, A. (2006). Market creation and transnational rule-making: The case of CO2 emissions trading. In M.-L. Djelic & K. Sahlin-Andersson (Eds.),Transnational governance. Institutional dynamics of regulation (Pp. 329-348). Cambridge: Cambridge University Press.

    Google Scholar

  27. Engels, A. (2009). The social constitution of markets. In J. Beckert & C. Deutschmann (eds.),Economic sociology. Special issue 49 of the Cologne journal for sociology and social psychology (pp. 67–86). Wiesbaden: VS publishing house for social sciences.

    Google Scholar

  28. Epstein, G.A. (2005).Financialization and the world economy. Cheltenham: Edward Elgar.

    Google Scholar

  29. Erturk, I., Froud, J., Johal, S., Leaver, A., & Williams, K. (Eds.). (2008).Financialization at work: Key texts and commentary. London: Routledge.

    Google Scholar

  30. Espeland, W. N., & Sauder, M. (2007). Rankings and reactivity: How public measures recreate social worlds.American Journal of Sociology, 113, 1–40.

    Article Google Scholar

  31. Fillieule, R. (2010). The new economic sociology of prices: An analysis inspired by the Austrian school of economics.American Journal of Economics and Sociology, 69, 668–692.

    Article Google Scholar

  32. Fourcade, M. (2011a). Cents and sensibility: Economic valuation and the nature of "nature".American Journal of Sociology, 116, 1721–1777.

    Article Google Scholar

  33. Fourcade, M. (2011b). Price and prejudice: On economics and the enchantment (and disenchantment) of nature. In J. Beckert & P. ​​Aspers (Eds.),The worth of goods. Valuation and pricing in the economy (Pp. 41-62). Oxford: Oxford University Press.

    Google Scholar

  34. Froud, J., Johal, S., Leaver, A., & Williams, K. (2006).Financialization and strategy. Narrative and numbers. London: Routledge.

    Google Scholar

  35. Garcia-Parpet, M.-F. (2011). Symbolic value and the establishment of prices: Globalization of the wine market. In J. Beckert & P. ​​Aspers (Eds.),The worth of goods. Valuation and pricing in the economy (Pp. 131-154). Oxford: Oxford University Press.

    Google Scholar

  36. Hay, C. (2010). The political economy of price and status formation in the Bordeaux en primeur market: The role of wine critics as rating agencies.Socio-Economic Review, 8, 685–707.

    Article Google Scholar

  37. Hayek, F. A. v. (1945). The use of knowledge in society.American Economic Review, 35, 519–530.

    Google Scholar

  38. He, J., Qian, J., & Strahan, P. E. (2011). Are all ratings created equal? The impact of issuer size on the pricing of mortgage-backed securities.NBER Working Paper No. 17238. Draft version July 2011.

  39. Healy, K. (2004). Sacred markets and secular ritual in the organ transplant industry. In F. Dobbin (ed.),The Sociology of the Economy (Pp. 336-359). New York: Russell Sage.

    Google Scholar

  40. Heilbroner, R.L. (1983). The problem of value in the constitution of economic thought.Social Research, 50, 253–277.

    Google Scholar

  41. Hiß, S. (2011). Global financial markets and sustainable investing. In M. Groß (ed.),Handbook of environmental sociology (Pp. 651-670). Wiesbaden: VS publishing house for social sciences.

    Google Scholar

  42. Hiß, S., & Kunzlmann, J. (2011).Financialization of sustainability - The case of sustainability accounting. Paper presented at the 23rd Annual Conference of the SASE. Madrid.

  43. Hiß, S., & Nagel, S. (i.E.).Rating agencies between crisis and regulation. Baden-Baden: Nomos.

  44. International Monetary Fund. (2009).Global financial stability report. Responding to the financial crisis and measuring systemic risk. April 2009. Washington, D.C.

  45. Karpik, L. (2010).Valuing the unique: The economics of singularities. Princeton: Princeton University Press.

    Google Scholar

  46. Knight, F. H. (1985).Risk, uncertainty, and profit. Chicago: University of Chicago Press.

    Google Scholar

  47. Koçak, Ö. (2003).Social orders of exchange: Effects and origins of social order in exchange markets. PhD thesis. Stanford: Stanford University.

    Google Scholar

  48. Krippner, G. R. (2005). The financialization of the American economy.Socio-Economic Review, 3, 173–208.

    Article Google Scholar

  49. Kunz, A., Welp, C., & Haerder, M. (2011). This is how Fitch works - an analyst unpacks.Handelsblatt Online from 08/31/2011.

  50. Lohmann, L. (2009). Toward a different debate in environmental accounting: The cases of carbon and cost-benefit.Accounting, Organizations and Society, 34, 499–534.

    Article Google Scholar

  51. Lounsbury, M., & Hirsch, P. (Eds.). (2010).Markets on trial: The economic sociology of the U.S. financial crisis. Bingley: Emerald.

    Google Scholar

  52. Luhmann, N. (1988).The economy of society. Frankfurt a. M .: Suhrkamp.

    Google Scholar

  53. MacKenzie, D. (2007). Is economics performative? In D. MacKenzie, F. Muniesa, & L. Siu (Eds.),Do economists make markets? On the performativity of economics (Pp. 54-86). Princeton: Princeton University Press.

    Google Scholar

  54. MacKenzie, D. (2009). Making things the same: Gases, emission rights and the politics of carbon markets.Accounting, Organizations and Society, 34, 440–455.

    Article Google Scholar

  55. MacKenzie, D., & Millo, Y. (2003). Constructing a market, performing theory: The historical sociology of a financial derivatives exchange.American Journal of Sociology, 109, 107–145.

    Article Google Scholar

  56. Mennicken, A., Miller, P., & Samiolo, R. (2008). Accounting for economic sociology.Economic Sociology. European Economic Newsletter, 10(1), 3–7.

    Google Scholar

  57. Mennicken, A., & Vollmer, H. (Eds.). (2007).Figures. Calculation, organization and society. Wiesbaden: VS publishing house for social sciences.

    Google Scholar

  58. Mieg, H. A. (2008). Expertization vs. professionalization: relative and other experts from the perspective of psychological expertise research. In K.-S. Rehberg (Ed.),The nature of society. Negotiations of the 33rd Congress of the German Society for Sociology in Kassel 2006 (pp. 3265–3275). Frankfurt a. M .: Campus.

    Google Scholar

  59. Olson, M. (2004).The logic of collective action: collective goods and the theory of groups. Tübingen: Mohr Siebeck.

    Google Scholar

  60. Podolny, J.M. (1993). A status-based model of market competition.American Journal of Sociology,98, 829–872.

    Article Google Scholar

  61. Power, M. (2004). Counting, control and calculation: Reflections on measuring and management.Human Relations, 57, 765–783.

    Article Google Scholar

  62. Rona-Tas, A., & Hiß, S. (2010a). The role of ratings in the subprime mortgage crisis: The art of corporate and the science of consumer credit rating. In M. Lounsbury & P. ​​Hirsch (Eds.),Markets on trial: The economic sociology of the U.S. financial crisis (Pp. 115-155). Bingley: Emerald.

    Google Scholar

  63. Rona-Tas, A., & Hiß, S. (2010b). Consumer and corporate credit ratings and the subprime crisis in the US with lessons for Germany.Computer science spectrum, 33, 241–261.

    Article Google Scholar

  64. Rona-Tas, A., & Hiß, S. (2011). Forecasting as valuation: The role of ratings and predictions in the subprime mortgage crisis in the US. In J. Beckert & P. ​​Aspers (eds.),The worth of goods. Valuation and pricing in the economy (Pp. 223-246). Oxford: Oxford University Press.

    Google Scholar

  65. Rügemer, W. (2010). Rating agencies: “A deeply corrupt system” as a rating authority for the financial system?ISW Report, No. 82, 35–43.

  66. Schimank, U., & Volkmann, U. (2008). Economization of society. In A. Maurer (ed.),Handbook of economic sociology (Pp. 382-393). Wiesbaden: VS publishing house for social sciences.

    Google Scholar

  67. SEC - Securities and Exchange Commission. (2008a).Summary report of issues identified in the commission staff’s examinations of select credit rating agencies. Washington: SEC.

    Google Scholar

  68. SEC - Securities and Exchange Commission. (2008b).Annual report on nationally recognized statistical rating organizations: As required by section 6 of the credit rating agency reform act of 2006. Washington: SEC.

    Google Scholar

  69. SEC - Securities and Exchange Commission. (2011). Summary report of commission staff’s examinations of each nationally recognized statistical rating organization. http://www.sec.gov/news/studies/2011/2011_nrsro_section15e_examinations_summary_report.pdf. Accessed September 2011.

  70. Shanteau, J. (1992a). Competence in experts: The role of task characteristics.Organizational Behavior and Human Decision Processes,53, 252–266.

    Article Google Scholar

  71. Shanteau, J. (1992b). The psychology of experts. In G. Wright & F. Bolger (Eds.),Expertise and decision support (Pp. 11-23). New York: Plenary Press.

    Google Scholar

  72. Shiller, R.J. (2008).The subprime solution: How today’s global financial crises happened, and what to do about it. Princeton: Princeton University Press.

    Google Scholar

  73. Simmel, G. (2000).Philosophy of money. Frankfurt a. M .: Suhrkamp.

    Google Scholar

  74. Sinclair, T.J. (2011). Inside the World Financial Crisis: A Critical Analysis of the Conflict of Interest Problem. In O. Kessler (ed.),The International Political Economy of the World Financial Crisis (Pp. 183-197). Wiesbaden: VS publishing house for social sciences.

    Google Scholar

  75. Smith, C. W. (2007). Markets as definitional practices.Canadian Journal of Sociology, 32, 1–39.

    Article Google Scholar

  76. Stark, D. (2009).The sense of dissonance: Accounts of worth in economic life. Princeton: Princeton University Press.

    Google Scholar

  77. Stehr, N. (2007).The Moralization of Markets - A Social Theory. Frankfurt a. M .: Suhrkamp.

    Google Scholar

  78. Straubhaar, T. (2011). Excitement about Moody’s and Co .: Disempower the rating agencies!star from July 7th 2011: http://www.stern.de/wirtschaft/news/aufregung-um-moodys-und-co-entmachten-die-ratingagenturen-1703563.html Accessed September 2011.

  79. Strier, F. (2008). Rating the raters: Conflicts of interest in the credit rating firms.Business and Society Review, 113, 533–553.

    Article Google Scholar

  80. TEEB - The Economics of Ecosystems and Biodiversity. (2010). Mainstreaming the economics of nature. A synthesis of the approach, conclusions and recommendations of TEEB.

  81. Uzzi, B., & R. Lancaster (2004). Embeddedness and the price formation in the corporate law market.American Sociological Review, 69, 319–344.

    Article Google Scholar

  82. Velthuis, O. (2005).Talking prices: Symbolic meanings of prices on the market for contemporary art. Princeton: Princeton University Press.

    Google Scholar

  83. Victor, P.A. (2008).Managing without growth: Slower by design, not disaster. Cheltenham: Edward Elgar.

    Google Scholar

  84. Vogel, J. (2005). Fields of mining. Origin and limits of scientific expertise in the late 18th and 19th centuries. In E. J. Engstrom, V. Hess, & U. Thoms (Eds.),Figurations of the expert. Ambivalences in scientific expertise in the late 18th and early 19th centuries (Pp. 79-100). Frankfurt a. M .: Peter Lang.

    Google Scholar

  85. Vollmer, H. (2003). Bookkeeping, accounting, calculative practice: The sociological suspense of calculation.Critical Perspectives on Accounting, 3, 353–381.

    Article Google Scholar

  86. Vormbusch, U. (2004). Accounting. The power of numbers in current capitalism.Berlin Journal for Sociology, 14, 33–50.

    Article Google Scholar

  87. Wagner, H. (2005). The "power of numbers": New control in the company. In H. Wagner (ed.),Do I still "reindeer"? New control concepts in operation (Pp. 9-22). Hamburg: VSA-Verlag.

    Google Scholar

  88. Zelizer, V. (1978). Human values ​​and the market.American Journal of Sociology, 84, 591–610.

    Article Google Scholar

  89. Zelizer, V. (1979).Morals and Markets: The Development of Life Insurance in the United States. New York: Columbia University Press.

    Google Scholar

  90. Zick Varul, M. (2009). Ethical consumption: The case of fair trade. In J. Beckert & C. Deutschmann (eds.),Economic sociology. Special issue 49 of the Cologne journal for sociology and social psychology (pp. 366–385). Wiesbaden: VS publishing house for social sciences.

    Google Scholar

Download references

Author information

Affiliations

  1. Institute for Sociology, Friedrich Schiller University Jena, Carl-Zeiß-Strasse 2, 07743, Jena, Germany

    Stefanie Hiß

  2. Department of Sociology, University of California San Diego, 9500 Gilman Drive, La Jolla, CA, USA

    Akos Rona-Tas

Corresponding author

Correspondence to Stefanie Hiß.

About this article

Cite this article

Hiß, S., Rona-Tas, A. How do prices arise ?. Berlin J Sociol21, 469-494 (2011). https://doi.org/10.1007/s11609-011-0171-y

Download citation

keywords

  • price
  • value
  • Valuation problem
  • Markets
  • Calculative Practices
  • Subprime crisis
  • credit-worthiness
  • Rating agencies

Keywords

  • Price
  • Value
  • Worth
  • Valuation problem