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EMBED SIGNED

Embedded Markets and the Economy

Total Cost €

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EC-Contrib. €

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Partnership

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Project "EMBED" data sheet

The following table provides information about the project.

Coordinator
THE CHANCELLOR MASTERS AND SCHOLARSOF THE UNIVERSITY OF CAMBRIDGE 

Organization address
address: TRINITY LANE THE OLD SCHOOLS
city: CAMBRIDGE
postcode: CB2 1TN
website: www.cam.ac.uk

contact info
title: n.a.
name: n.a.
surname: n.a.
function: n.a.
email: n.a.
telephone: n.a.
fax: n.a.

 Coordinator Country United Kingdom [UK]
 Total cost 1˙449˙106 €
 EC max contribution 1˙449˙106 € (100%)
 Programme 1. H2020-EU.1.1. (EXCELLENT SCIENCE - European Research Council (ERC))
 Code Call ERC-2017-STG
 Funding Scheme ERC-STG
 Starting year 2018
 Duration (year-month-day) from 2018-06-01   to  2023-05-31

 Partnership

Take a look of project's partnership.

# participants  country  role  EC contrib. [€] 
1    THE CHANCELLOR MASTERS AND SCHOLARSOF THE UNIVERSITY OF CAMBRIDGE UK (CAMBRIDGE) coordinator 1˙211˙863.00
2    INSTITUTE FOR FINANCIAL MANAGEMENT AND RESEARCH IN (CHENNAI 34) participant 237˙242.00

Map

 Project objective

EMBED takes a microeconomic approach to investigating the macroeconomic implications of market transactions being embedded in social relationships. Sociologists and economists have documented the importance of relationships for mediating trade in a wide range of market settings. EMBED seeks to investigate the implications of this for the economy as a whole.

Ethnographic work suggests that relationships foster common understandings which limit opportunistic behaviour. Subproject 1 will develop a first relational contacting theory of networked markets to capture this, and test these predictions using data from the Bundesbank. Formally modelling dynamic business-relationships, these relationships can be viewed as social capital. We will investigate whether this social capital is destroyed by economic shocks, and if so how long it takes to rebuild.

Subproject 2 will run a field experiment. We will intervene in a networked market to create new relationships in a variety of ways. The varying success of these approaches will help us better understand the role of relationships in markets. Moreover, as a result we’ll get exogenous variation in the market structure that will help identity the affects relationships have on market outcomes.

Subproject 3 will explore frictions in the clearing of networked markets. As the data requirements to empirically test between different theories are extremely demanding, laboratory experiments will be run. Breaking convention, these experiments will be protocol-free, although interactions will be closely monitored. This will create a more level playing field for testing different theories while also creating scope for the market to develop efficiency enhancing norms.

Subproject 4 will examine firm level multi-sourcing and production technology decisions, and how these feed into the creation of supply chains. The fragility of these supply chains will be investigated and equilibrium supply chains compared across countries.

 Publications

year authors and title journal last update
List of publications.
2019 Matthew L Elliott, Sanjeev Goyal, Alexander Teytelboym
Networks and economic policy
published pages: 565-585, ISSN: 0266-903X, DOI: 10.1093/oxrep/grz024
Oxford Review of Economic Policy 35/4 2020-02-13
2019 Matthew Elliott, Andrea Galeotti
The role of networks in antitrust investigations
published pages: 614-637, ISSN: 0266-903X, DOI: 10.1093/oxrep/grz022
Oxford Review of Economic Policy 35/4 2020-02-13

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The information about "EMBED" are provided by the European Opendata Portal: CORDIS opendata.

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