Social embeddedness has provided a compelling challenge to neoclassical descriptions of markets. Nevertheless, without a corresponding description of the micro-social forces that counter embeddedness, the description of embeddedness is essentially static, and does not integrate the dual forces of embeddedness and markets. In this study, we identify a sociological force counter to embeddedness residing in third parties whose presence may interrupt socially embedded informal trading partnerships. Using data from the Helsinki Stock Exchange in 1996–1997, we confirm that stock trades are socially embedded in partnerships in which trading persists from week to week and in which prices deviate from immediate trading prices. Importantly, we find that trading partnerships are more likely to be interrupted when prices deviate from immediate trading prices and when third parties are present who trade with one or both members of the partnership. Thus, third parties are a critical sociological force in the embeddedness-market dynamic.

中文翻译：

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社会嵌入交易的市场动态

社会嵌入性对新古典主义的市场描述提出了令人信服的挑战。然而，如果没有对反嵌入的微观社会力量的相应描述，嵌入的描述本质上是静态的，没有整合嵌入和市场的双重力量。在这项研究中，我们确定了一种社会学力量来对抗驻留在第三方中的嵌入性，第三方的存在可能会中断社会嵌入的非正式贸易伙伴关系。使用赫尔辛基证券交易所 1996 年至 1997 年的数据，我们确认股票交易在社会上嵌入在伙伴关系中，在这种伙伴关系中，交易每周都持续存在，并且价格与即时交易价格存在偏差。重要的，我们发现，当价格偏离即时交易价格以及与合伙企业的一个或两个成员进行交易的第三方在场时，交易伙伴关系更有可能被中断。因此，第三方是嵌入市场动态中的关键社会力量。