Market system dynamics (MSD): A process-oriented review of the literature

Giuseppe Pedeliento (), Federico Mangiò (), Gabriele Murtas () and Daniela Andreini ()
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Giuseppe Pedeliento: University of Bergamo
Federico Mangiò: University of Bergamo
Gabriele Murtas: University of Bergamo
Daniela Andreini: University of Bergamo

AMS Review, 2023, vol. 13, issue 3, No 2, 173-195

Abstract: Abstract The renewed interest in the market as a unit of analysis has increased adoption of a market system dynamics (MSD) perspective. Since studies drawing on MSD have significant overlaps with other research traditions equally focused on market changes, we trace the theoretical boundaries of the literature on MSD, and unpack its evolution, in order to appreciate conceptual achievements and research directions. Building on change-process theorizing and on a reiterative processual multi-stage research strategy, we conduct a systematic review of the literature on MSD. We organize the findings into three stages of MSD’s maturation–infancy, adolescence, and adulthood–and show that MSD has grown into a market approach that is ever more multi-actor, theoretically-plural, and based on longitudinal methodologies. The existing literature has gradually shifted towards a balance in agency and structure in market change, and towards a more cautious view on the consumer’s role. Under-researched areas are pinpointed, along with research avenues that can further reinforce MSD.

Keywords: Market system dynamics; CCT; Literature review; Agenda (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (1)

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DOI: 10.1007/s13162-023-00260-8

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