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Reconnecting Marketing to Markets$
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Luis Araujo, John Finch, and Hans Kjellberg

Print publication date: 2010

Print ISBN-13: 9780199578061

Published to Oxford Scholarship Online: January 2012

DOI: 10.1093/acprof:oso/9780199578061.001.0001

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The unexpected effects of gas market liberalization

The unexpected effects of gas market liberalization

Inherited devices and new practices

(p.158) 8 The unexpected effects of gas market liberalization
Reconnecting Marketing to Markets

Thomas Reverdy

Oxford University Press

The ongoing liberalization of the European gas market offers a good opportunity for studying the dynamics of market practices. Based on interviews with market participants, this chapter investigates how traders, suppliers, and industrial clients develop new practices for selling and purchasing gas. It sheds light on the cognitive role of market devices such as long-term contracts and price-indexes, in activities such as price calculation, forecasting, and hedging. It shows that novel practices develop at the intersection of new and inherited market devices, which work as cognitive prostheses to reduce uncertainty and support the calculative practices of suppliers and purchasers. The chapter examines the attitude toward inherited market devices, when the transition to a liberalized regime weakens their relevance. Lastly, asymmetries in calculative capabilities and their impact on power relations in the market are outlined.

Keywords:   gas markets, liberalization, markets in transition, market devices, market practices, pricing, hedging, calculative capabilities

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