This article uses the case of "social impact bonds" (SIBs) to explore the role of social science methods in new markets in "social investment." Pioneered in the UK in 2010, SIBs use private capital to fund social programs with governments paying returns for successful outcomes. Central to the SIB model is the question of evaluation and the method to be used in determining program outcomes and investor returns. In the United States, the randomized controlled trial (RCT) has been the dominant method. However, this has not been without controversy. Some SIB practitioners and investors have argued that, while this may be the perfect tool, the need to grow the SIB market demands a more pragmatic approach. Drawing from a three-year study of SIBs, and informed by Science and Technology Studies (STS)-inspired work on valuation and the social life of methods, the article explores RCTs as both a valuation technology central to SIB design and the object of a micropolitics of valuation which has impeded market growth. It is the relationship between, and the politics of, evaluation and valuation that is a key lesson of the SIB experiment and an important insight for future research on "social investment" and other settings where methods are constitutive of financial value.
This article analyzes local algorithmic practices resulting from the increased use of time-lapse (TL) imaging in fertility treatment. The data produced by TL technologies are expected to help professionals pick the best embryo for implantation. The emergence of TL has been characterized by promissory discourses of deeper embryo knowledge and expanded selection standardization, despite professionals having no conclusive evidence that TL improves pregnancy rates. Our research explores the use of TL tools in embryology labs. We pay special attention to standardization efforts and knowledge-creation facilitated through TL and its incorporated algorithms. Using ethnographic data from five UK clinical sites, we argue that knowledge generated through TL is contingent upon complex human-machine interactions that produce local uncertainties. Thus, algorithms do not simply add medical knowledge. Rather, they rearrange professional practice and expertise. Firstly, we show how TL changes lab routines and training needs. Secondly, we show that the human input TL requires renders the algorithm itself an uncertain and situated practice. This, in turn, raises professional questions about the algorithm's authority in embryo selection. The article demonstrates the embedded nature of algorithmic knowledge production, thus pointing to the need for STS scholarship to further explore the locality of algorithms and AI.