Back in the bazaar: taking Pierre Bourdieu to a trading room
Olivier Godechot
Journal of Cultural Economy, 2016, vol. 9, issue 4, 410-429
Abstract:
Drawing on Pierre Bourdieu's theory of aesthetic judgment, this text offers an inductive account of financial reasoning inside a trading room. Driven to maximise bank profits, trading room operators do not find ‘one best way’. Rather they choose among several possible winning strategies: mathematical arbitrage , economic analysis , chartist analysis . These strategies differ sharply from one another in their conception of the market, method, proximity to scholarly knowledge, and legitimacy. We show that the choice of one method depends on a system of tastes and distastes that are both historical -- depending on individuals’ social and educational background -- and relational -- depending on the individual's relative position within the trading room viewed as a field.
Date: 2016
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Working Paper: Back in the bazaar: taking Pierre Bourdieu to a trading room (2016)
Working Paper: Back in the bazaar: taking Pierre Bourdieu to a trading room (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:taf:jculte:v:9:y:2016:i:4:p:410-429
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DOI: 10.1080/17530350.2015.1116461
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