Outline of the Efficient Markets for Living Capital Project

If I’m invited to submit a full application to the Data-Driven Discovery program at the Moore Foundation, I intend to suggest a five-year plan for launching various experiments in self-organizing market-making processes. Yesterday I posted a Mission, Vision, Values, and Goals statement for this process. Here now is the current state of the plan, whether or not it goes to the Moore Foundation.

  • The first year will involve planning a conference, to be held in the second year, gathering together Rasch, IMEKO, Criterion Institute Making Markets leaders, and others, to focus on devising a technology road mapping process applicable in any field.
    • This is not to say there is any expectation of uniformity across or even within fields, but only that a forum embodying awareness of the various necessary facets of the process could be a vital catalyst.
    • The overarching theme is one of mutually adapting multilevel information systems and multilevel forms of social organization by managing multilevel models and measures.
    • Better measurement practices will be more widely adopted when our forms of social organization are adapted to our forms of quantification, and vice versa.
      • Examples will contrast
        • the top down command and control reductionism of individuals presumed identical and interchangeable versus
        • the multilevel modeling of unique individuals sharing a common group-level construct orientation; and
        • an HLM example will illustrate relations of unique individuals (micro-level) to varying common construct orientations (meso-level) within a larger ecology (macro-level).
      • Recommendations for policy and action will be based on evidence of what happens when unexamined default assumptions about organizations are not modified and adapted to the form of the concepts and models in use, and when they are.
  • The second year will see the conference and the formation of several working groups.
    • The conference will be recorded using multiple cameras; a composite video will be produced.
    • An experienced facilitator will be in charge to foster productive dialogue.
    • There will be multiple assistants taking notes on whiteboards or large tablet easels, one for each major group of stakeholders (end users, researchers, accountants, psychometricians, metrologists, economists, etc.)
  • The third year will involve synthesizing and publishing the results of that conference (book, video, interactive web site, mobile app, new working groups, etc.).
  • The third through fifth years will focus on initiating multiple replicable market-making processes in various fields.
    • It will be important to identify and select major market sectors in education, health care, social services, natural resource management.
    • Natural variations in concept-model-information-organization assemblages will be documented and compared within and across fields.
    • Instead of funding a one-time research or demonstration project, investors will expect innovation and entrepreneurial teams to document capital growth and provide appreciable returns.
    • The goal will be for all projects to result in self-sustaining markets enabling consumer comparison shopping, systematic quality improvements, appropriate rewards and punishments for value to price relations, and more rapid gains in research productivity.

Background reading:

Akrich, M., Callon, M., & Latour, B. (2002). The key to success in innovation Part I: The art of interessement. International Journal of Innovation Management, 6(2), 187-206 [doi: 10.1142/S1363919602000550].
Akrich, M., Callon, M., & Latour, B. (2002). The key to success in innovation Part II: The art of choosing a good spokesperson. International Journal of Innovation Management, 6(2), 207-225.
Fisher, W. P., Jr. (2010, June 13-16). Rasch, Maxwell’s method of analogy, and the Chicago tradition. In  G. Cooper (Chair), Https://conference.cbs.dk/index.php/rasch/Rasch2010/paper/view/824. Probabilistic models for measurement in education, psychology, social science and health: Celebrating 50 years since the publication of Rasch’s Probabilistic Models, University of Copenhagen School of Business, FUHU Conference Centre, Copenhagen, Denmark.
Garfinkel, A. (1991). Reductionism. In R. Boyd, P. Gasper & J. D. Trout (Eds.), The philosophy of science (pp. 443-459). Cambridge, Mass.: MIT Press.
Hutchins, E. (2012). Concepts in practice as sources of order. Mind, Culture, and Activity, 19, 314-323.
Miller, P., & O’Leary, T. (2007, October/November). Mediating instruments and making markets: Capital budgeting, science and the economy. Accounting, Organizations, and Society, 32(7-8), 701-734.
Nersessian, N. J. (2002). Maxwell and “the method of physical analogy”: Model-based reasoning, generic abstraction, and conceptual change. In D. Malament (Ed.), Reading natural philosophy: Essays in the history and philosophy of science and mathematics (pp. 129-166). Lasalle, Illinois: Open Court.
Stenner, A. J., Fisher, W. P., Jr., Stone, M. H., & Burdick, D. S. (2013, August). Causal Rasch models. Frontiers in Psychology: Quantitative Psychology and Measurement, 4(536), 1-14 [doi: 10.3389/fpsyg.2013.00536].
Wilson, M. (2005). Constructing measures: An item response modeling approach. Mahwah, New Jersey: Lawrence Erlbaum Associates.

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