Valuing the Unique: The Economics of Singularities

by Lucien Karpik, Nora Scott (Translator)

In this landmark work of economic sociology, Lucien Karpik introduces the theory and practical tools needed to analyze markets for singularities. Singularities are goods and services that cannot be studied by standard methods because they are multidimensional, incommensurable, and of uncertain quality. Examples include movies, novels, music, artwork, fine wine, lawyers, and doctors. Valuing the Unique provides a theoretical framework to explain this important class of products and markets that for so long have eluded neoclassical economics.

With this innovative theory--called the economics of singularities--Karpik shows that, because of the uncertainty and the highly subjective valuation of singularities, these markets are necessarily equipped with what he calls "judgment devices"--such as labels, brands, guides, critics, and rankings--which provide consumers with the credible knowledge needed to make reasonable choices. He explains why these markets are characterized by the primacy of competition by qualities over competition by prices, and he identifies the conditions under which singularities are constructed or are in danger of losing their uniqueness.

After demonstrating how combinations of the numerous and multiform judgment devices can be used to identify different market models, Karpik applies his analytical tools to the functioning of a large number of actual markets, including fine wines, movies, luxury goods, pop music, and legal services.

Genres: Sociology

288 pages, Hardcover

First published July 21, 2010

Reviews

[Hui · Rating 3 out of 5]

The narrative is a typical example of French intellectuals: grand themes with loosely connected arguments. It reads more like economic sociology prior to the 1980s, when major conversation partners are economists rather than sociologists. I had the hunch that Karpik might be a member of the ANT camp, which turned out to be true. Otherwise, I cannot think of a second reason why valuations of the unique should be decomposed into products, judgment devices, and consumers, where judgment devices include everything from networks to rankings to product displays. Personally, I think the first three chapters are quite insightful.

[Read a Book · Rating 2 out of 5]

Not the easiest work to read, but an interesting approach towards understanding novel events (singularities) from an economic standpoint. Sometimes repetitive, yet worth the challenge if you're in the field of 'singularities.'

[Nuveen · Rating 2 out of 5]

Scattered bits of interesting and thought-provoking material, but the prose/translation is painful, and not in a rewarding way.