Collective vision-making practice: a long-run dynamic process model for geothermal market transitioning

Joseph Fitzpatrick Ireland*, Mark Palmer*, Ulrich Ofterdinger, Jean-Christophe Comte

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

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Abstract

Michael Porter’s work on competition highlights how firms can become stagnant or ‘stuck.’ This study extends that concept to markets or fields of institutional activity, examining what occurs when an entire market becomes 'stuck.' Focusing on the geothermal energy market, the research investigates achieving long-term collective action by cultivating a shared vision and mutual understanding among stakeholders with diverse interests. The study employs a longitudinal ethnographic approach, presenting a long-run dynamic process model of collective vision-making practice. This model consists of six first-order dimensions and twelve second-order interactive behavioural practice, illustrating how stakeholders can collaboratively construct and enfold a long-term collective vision. The findings demonstrate the institutional capacity to engage stakeholders and strategically consider whole market possibilities, enabling the creation of a broadly defined collective vision. The research advances a dynamic process model that emphasises sustained institutional interactional practice. The study’s implications are to motivate thought leaders and policymakers, prompting two strategic questions: First, “How can market actors collaborate to unlock value co-creation and shape the future of a ‘stuck’ market?” This involves engaging diverse stakeholder perspectives and exploring future market-making opportunities. Second, “How can all market actors pivot in harmony with a collective vision, fostering long-term shared understandings and commitments in pursuit of market-making efforts?” This alignment is important for progressing from research and development to the successful implementation of pilot projects and the realisation of sustainable market opportunities.

Original languageEnglish
Article number114909
Number of pages12
JournalRenewable and Sustainable Energy Reviews
Volume207
Early online date13 Sept 2024
DOIs
Publication statusEarly online date - 13 Sept 2024

Keywords

  • vision-making
  • dynamic process model
  • geothermal market transitioning

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