Whoever said that markets were fair?

Sally Blount*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

4 Scopus citations

Abstract

The popular notion that markets are "fair" is wrong. Working from theory and behavioral research, the author examines the foundations of markets and their relationship to negotiations. In the process, she demonstrates that there is nothing inherently fair about supply and demand curves or market clearing prices. Although market price information may provide a reasonable standard for resolving a price negotiation, it too has little to do with intrinsic fairness. Markets are efficient and incredibly powerful at organizing people and allocating resources, but the idea that they have anything to do with fairness (or unfairness) is a socially-constructed illusion.

Original languageEnglish (US)
Pages (from-to)237-252
Number of pages16
JournalNegotiation Journal
Volume16
Issue number3
DOIs
StatePublished - Jul 2000

ASJC Scopus subject areas

  • Social Sciences(all)
  • Strategy and Management
  • Management of Technology and Innovation

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