Conceptualizing market formation for transformative policy

Wouter P.C. Boon; Jakob Edler; Douglas K.R. Robinson

doi:10.1016/j.eist.2021.12.010

Conceptualizing market formation for transformative policy

Wouter P.C. Boon^*, Jakob Edler, Douglas K.R. Robinson

^*Corresponding author for this work

Research output: Contribution to journal › Article › Academic › peer-review

Abstract

Transitions are hardly conceivable without understanding how new markets are formed. However, there is still an incipient conceptualization of market formation in the context of transformation and transformative policy. Drawing on existing perspectives of market formation in economics of innovation, sociology of markets and marketing studies literature, this paper develops a framework for characterizing, differentiating and analyzing new market formation processes. We use three case studies to demonstrate how the framework is able to capture the dynamic and interconnected nature of market formation. The market formation framework serves to diagnose potential misalignments, bottlenecks and failures, to identify entry points for policy to intervene in market formation and support transformative innovation.

Original language	English
Pages (from-to)	152-169
Number of pages	18
Journal	Environmental Innovation and Societal Transitions
Volume	42
DOIs	https://doi.org/10.1016/j.eist.2021.12.010
Publication status	Published - Mar 2022

Bibliographical note

Publisher Copyright:
© 2021

Keywords

Market formation
Policy entry points
Transformative innovation policy
Transitions

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

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10.1016/j.eist.2021.12.010Licence: CC BY

1-s2.0-S2210422421001362-mainFinal published version, 1.52 MBLicence: CC BY

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doi = "10.1016/j.eist.2021.12.010",

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AU - Boon, Wouter P.C.

AU - Edler, Jakob

AU - Robinson, Douglas K.R.

PY - 2022/3

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N2 - Transitions are hardly conceivable without understanding how new markets are formed. However, there is still an incipient conceptualization of market formation in the context of transformation and transformative policy. Drawing on existing perspectives of market formation in economics of innovation, sociology of markets and marketing studies literature, this paper develops a framework for characterizing, differentiating and analyzing new market formation processes. We use three case studies to demonstrate how the framework is able to capture the dynamic and interconnected nature of market formation. The market formation framework serves to diagnose potential misalignments, bottlenecks and failures, to identify entry points for policy to intervene in market formation and support transformative innovation.

AB - Transitions are hardly conceivable without understanding how new markets are formed. However, there is still an incipient conceptualization of market formation in the context of transformation and transformative policy. Drawing on existing perspectives of market formation in economics of innovation, sociology of markets and marketing studies literature, this paper develops a framework for characterizing, differentiating and analyzing new market formation processes. We use three case studies to demonstrate how the framework is able to capture the dynamic and interconnected nature of market formation. The market formation framework serves to diagnose potential misalignments, bottlenecks and failures, to identify entry points for policy to intervene in market formation and support transformative innovation.

KW - Market formation

KW - Policy entry points

KW - Transformative innovation policy

KW - Transitions

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DO - 10.1016/j.eist.2021.12.010

M3 - Article

AN - SCOPUS:85122249115

SN - 2210-4224

VL - 42

SP - 152

EP - 169

JO - Environmental Innovation and Societal Transitions

JF - Environmental Innovation and Societal Transitions

ER -

Conceptualizing market formation for transformative policy

Abstract

Bibliographical note

Keywords

UN SDGs

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