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Coordination by Evaluations and Valuations:
Market Logic Inside and Outside the Economy

Final Report Summary - CEV (Coordination by Evaluations and Valuations:Market Logic Inside and Outside the Economy)

This project, Coordination by Evaluations and Valuations: Market Logic Inside and Outside the Economy, was designed to address how order in different societal sphere may result from valuation and evaluation. The main result of the project is to have shown in the different empirical studies how economic and non-economic values are intertwined and how forms of economic and non-economic valuations are interdependent. This means that the valuation that is done in various social settings, such as when a prize is awarded young writer, may be turned into an asset in the economic evaluation occurring in a market. The idea interrelated spheres is not new, but the project has furthered our knowledge in two respects. The project has developed a set of notions that account for the multitude of empirical variation of valuations and evaluations that take place. We draw on these different empirical materials to make more general statements. The theoretical notions that we have developed are structural forms of uncertainty reduction: Battle, Decision, Valuation and Evaluation. The two latter forms have been in focus. Our second contribution is that we have studied empirically in great detail and shown how economic and non-economic forms interact and mutually support one another. This we have done by looking at markets, evaluations and valuations that are concerned with the economy, and those that are outside of what is called economy.
The different empirical studies—on meat production, timber, performance art, electronic fish markets and selection of writers to be published—to give some examples, give, taken together, much evidence to the central role valuation and evaluations play for reduction of uncertainty and coordination in contemporary social life. The project has also developed notions at the middle range, like scopic markets and appraisals devices, which account for human behavior in the context of evaluations and valuations in economic and non-economic settings. Academically, this project and its results speak above all to two literatures, economic sociology and sociology of valuation. Many of these studies, some of which are doctoral projects, have just been, or will be published, in the near future. The results in a digested and theoretically elaborated form will presented in a monograph that is currently being written.