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EMBED SIGNED

Embedded Markets and the Economy

Total Cost €

EC-Contrib. €

Partnership

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EMBED project word cloud

Explore the words cloud of the EMBED project. It provides you a very rough idea of what is the project "EMBED" about.

explore capital efficiency chains clearing networked breaking countries laboratory shocks ways creation opportunistic exogenous economists business varying predictions suggests playing scope structure data rebuild interactions ethnographic variety closely decisions market embed destroyed markets mediating supply takes create frictions examine theory economic sociologists convention transactions relational empirically run protocol contacting first bundesbank macroeconomic monitored fragility experiments viewed microeconomic subproject free implications limit firm understandings understand capture intervene economy extremely theories dynamic equilibrium experiment demanding documented ll outcomes sourcing social relationships variation trade identity settings norms formally feed

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 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.	UK (CAMBRIDGE)	coordinator	1˙211˙863.00
2	INSTITUTE FOR FINANCIAL MANAGEMENT AND RESEARCH INSTITUTE FOR FINANCIAL MANAGEMENT AND RESEARCH Organization address address: KOTHARI ROAD 24 NUNGAMBAKKAM city: CHENNAI 34 postcode: 600034 website: n.a. contact info title: n.a. name: n.a. surname: n.a. function: n.a. email: n.a. telephone: n.a. fax: n.a.	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

List of publications.
year	authors and title	journal	last update
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.