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Embedded markets, communities, and the invisible hand of social norms

Varman, Rohit and Costa, Janeen Arnold 2008, Embedded markets, communities, and the invisible hand of social norms, Journal of macromarketing, vol. 28, no. 2, pp. 141-156, doi: 10.1177/0276146708314594.

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Title Embedded markets, communities, and the invisible hand of social norms
Author(s) Varman, Rohit
Costa, Janeen Arnold
Journal name Journal of macromarketing
Volume number 28
Issue number 2
Start page 141
End page 156
Total pages 16
Publisher Sage
Place of publication London, Eng.
Publication date 2008-06
ISSN 0276-1467
Keyword(s) social norms
embeddedness
marketing systems
community
relational exchange
Summary The authors'ethnographic work on social norms is intended to unravel the noninstrumental core of embedded markets. In offering a theory of “the invisible hand of social norms,” the authors show that consumer and seller behavior have expressive, moral, and emotional underpinnings that cannot be understood without a broader conceptualization of human motives and actions. This ethnography provides a rich understanding of the role of community and the behavioral dimensions of markets, which in turn helps deconstruct the current axiomatic treatment of transaction-centric markets and to reconstruct the market as a socially embedded institution in which community ties are formed and sustained.
Language eng
DOI 10.1177/0276146708314594
Field of Research 150503 Marketing Management (incl Strategy and Customer Relations)
1505 Marketing
2103 Historical Studies
1399 Other Education
Socio Economic Objective 920413 Social Structure and Health
HERDC Research category C1.1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2008, Sage Publications
Persistent URL http://hdl.handle.net/10536/DRO/DU:30080087

Document type: Journal Article
Collection: Department of Marketing
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Citation counts: TR Web of Science Citation Count  Cited 28 times in TR Web of Science
Scopus Citation Count Cited 30 times in Scopus
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