The Emergent Nature of the Firm, Markets and the Wisdom of Crowds

Special Issue of Managerial and Decision Economics

Teppo Felin, Editor

Contributors from physics, economics, organization theory, 
psychology, sociology, political science and biology


Claudio Castellano
Physics
University of Rome

Nicolai Foss
Org Economics
Copenhagen Business School

Bruno Frey
Economics
University of Zurich

Steve Kozlowski
Psychology
Michigan State University

Peter Leeson
Economics
George Mason University







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Our conceptions of organizing, organizations and markets are rapidly evolving.  For example, while decision-making is often conceptualized in terms of hierarchy and expertise in organizations, collective and social choice are increasingly the norm.  Thus these emergent, social dynamics and novel forms of social interaction and organization need to more meaningfully be incorporated into our theories of organizations and markets.  Furthermore, evolving conceptions of human nature (for example, seeming tensions between reciprocity and self-interest) and social interaction also deserve to be more carefully addressed.

A central premise of this special issue is that we can learn much about emerging forms of organization by looking for insights across disciplinary boundaries.  Physicists study certain forms of organization, aggregation and emergent outcomes -- as do biologists, mathematicians, economists, sociologists, political scientists and organizational scholars.  While there naturally are comparative differences as well, we think that novel insights will be developed as we seek interdisciplinary insights.   

Thus the invited scholars and their associated manuscripts will address the following types of (and related) questions:

  • What are the central characteristics of emergent theories of the firm, markets and collective action?
  • Where do markets come from?  How do they emerge?
  • How is our understanding of the relationship between social interaction and economic activity changing?  What theories account for this change?
  • How does our understanding of human nature, of reciprocity and self-interest respectively, factor into emergent theories of markets and organization?
  • What central, social mechanisms are missing from our theories of exchange, collective action and economic activity?
  • How do we incorporate social choice and “wisdom of crowds”-type intuition into a coherent theory of the firm?
  • Where and how do concepts such as prediction markets and crowdsourcing fit in the theory of the firm?
  • How does information aggregate in organizations and markets?  What are implications for the market-hierarchy boundary?
  • What role do networks play in social aggregation?
  • What are central learning mechanisms of interacting agents in markets?
  • How do market-enabling institutions and property rights emerge?
  • What motivational aspects need to be incorporated into potentially new theories of the firm, collective judgment and action?
  • What role does information technology play in emerging conceptions of the firm and markets?
  • What is the role of entrepreneurship and emergent collective action in economic activity?
  • How is our conception of social institutions evolving and how does this impact our understanding of economic and social exchange?
  • What interactional, structural and other innovations might capitalize on collective wisdom in organizations?
  • What disciplinary boundaries need to be crossed, or what disciplinary assumptions need to be challenged, to fully address the above questions?
  • … and so forth.

Scott Page
Political Science
University of Michigan

David Sumpter
Math/Biology
Uppsala University

Robb Willer
Sociology
University of California, Berkeley

Bart Wilson
Economics
Chapman University