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1、TheSocialStructureofaNationalSecuritiesMarketAuthor(s):WayneE.BakerSource:AmericanJournalofSociology,Vol.89,No.4(Jan.,1984),pp.775-811Publishedby:TheUniversityofChicagoPressStableURL:http://www.jstor.org/stable/2779252.Accessed:10/12/201308:07YouruseoftheJSTORarchiveindicatesyo
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4、m113.108.133.58onTue,10Dec201308:07:17AMAllusesubjecttoJSTORTermsandConditionsTheSocialStructureofaNationalSecuritiesMarket'WayneE.BakerTheSynecticsGroup,Inc.Inthisarticle,anationalsecuritiesmarket-thestockoptionsmar-ket-ischaracterizedasasocialstructurerepresentedbythenet-work
5、sofactorswhotradedoptionsonthefloorofamajorsecuritiesexchange.Tradingamongactorsexhibiteddistinctsocialstructuralpatternsthatdramaticallyaffectedthedirectionandmagnitudeofoptionpricevolatility.Theargumentthatthismarketissociallystructuredisconstructedinfourparts:behavioralassum
6、ptionsaboutthenatureofeconomicactors,modelsofmicronetworks,modelsofmacronetworks,andpriceconsequences.Intheideal-typicalmodelofthemarket,actorsareassumedtobehyperrationalandnevertoactopportunistically.Withthesebehavioralassumptions,themi-cronetworksofactorsshouldbeexpansive,aco
7、nditionwhichwouldresultinundifferentiatedandhomogeneousmacronetworks.Suchmacronetworkswouldtendtoreducethevolatilityofoptionprices.Butintheempiricalmarketstudiedhere,actorsaresubjecttoboundedrationalityandsomeactopportunistically.Becauseofthesebehavioralconstraints,actors'micro
8、networksarerestrictive.Inlargemarkets,restrictivemicro
