Wissen und Bewertung auf Märkten

The purpose of this theoretical article is to contribute to the analysis of knowledge and valuation in markets. In each market actors must know how to value its products. The analytical point of departure of this article is the distinction between two types of markets, status and standard. In a status market, valuation is a function of the status rank orders of identities of the actors on both sides of the market, which is more entrenched than the scale of value and what is traded in the market. In a market characterized by standard, the situation is reversed; the scale of value is more entrenched than the identity rankings of actors in the market. The knowledge that market actors need is contingent upon the market structure. In a status market actors need to know of the actors involved in what is traded since there is no scale of value for evaluating the items traded in the market independently of its buyers and sellers. In a standard market it is more important to know how to meet the standard in relation to which all items traded are compared. The article entails empirical examples and four testable hypotheses.