Abstract for: Market Formation Across Socioeconomic Class: Impact of Market Infrastructure and Mechanisms
How does market transformation affect differing population segments? We explore the impact of market infrastructure and mechanisms on equitable transformation by studying the dynamics of market formation and change. We draw upon extant research on the forces between firms, consumers and the environment to provide a logical and dynamic framework analyzing market change. We focus on the interactions in the market environment, and hypothesize on causal links concerning social exposure and contagion of consumer behavior, firm investment patterns and capabilities into product development portfolios, and the built complementary environment, and how both firm and non-firm initiatives have shaped market evolution. We develop a dynamic model for market transformation with meso-level interactions between market actors to support this. In this study, we demonstrate how the mechanisms hindering equitable change could also be used in promoting it and how multi-actor solutions are more effective in overcoming market barriers compared to single-actor strategies.