Issue 2

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    Science, Technology & Innovation Studies Vol. 4 (2008), No 2 (December)
    (Technische Universität Dortmund, 2008-12) Schulz-Schaeffer, Ingo; Werle, Raymond; Weyer, Johannes
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    Framing Complexity in Financial Markets
    (Technische Universität Dortmund, 2008-12) Svetlova, Ekaterina
    Financial markets are complex: Factors that affect their development and the associations between these factors are not clearly assignable. Nevertheless, every day thousands of investors face the task of mastering the complexity of the markets. How do they solve this problem in their daily practice? This paper discusses this question by investigating a special area of the capital markets, namely, portfolio management. Two possible methods of handling the complexity of financial markets are presented: first, the qualitative methods (heuristics), and second, the formal (mostly computer-assisted) models. The central finding of the paper is the high heterogeneity of the applied methods. There are free spaces that portfolio managers can use while framing complex market situations. It could be suggested that this diversity contributes to the emergence and self-preservation of the market complexity. This contribution is dedicated to the empirical argument for these mechanisms.
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    Picking a Winner?
    (Technische Universität Dortmund, 2008-12) Fuchs, Gerhard; Wassermann, Sandra
    Innovation theory has pointed to the complex, non-linear character of innovation processes. Heterogeneous networks of actors including a mixed spectrum of many and diverse academic, economic, and governmental agencies combine to achieve innovations. Is there any role for innovation policy beyond influencing framework conditions in such a situation? The article analyzes the case of a successful innovation in the energy sector: photovoltaics. It argues that - given the special characteristics of the energy sector - successful innovation depended on strong political support and an advocacy coalition, which achieved institutional backing. The method chosen to realize the innovation was the creation of a niche market with the help of regulatory instruments.
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    Editorial
    (Technische Universität Dortmund, 2008-12) Schulz-Schaeffer, Ingo; Werle, Raymond; Weyer, Johannes