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Medieval matching markets

Boerner, Lars and Quint, Daniel (2016) Medieval matching markets. Economic History Working Papers (241/2016). The London School of Economics and Political Science, London, UK.

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We study the implementation of brokerage regulations as allocation mechanisms in wholesale markets in pre-modern Central Western Europe. We assemble a data set of 1609 sets of brokerage rules from 70 cities. We analyze the incentives created by the rules that were implemented, compare cities that implemented brokerage to cities that did not, and analyze the choice of how brokers should be compensated and the effect this has on market outcomes. Empirically, we find that larger cities, cities with trade-geographic advantages, cities with merchant interests, and cities with universities were more likely to implement brokerage. We also find that brokers were more likely to be compensated with price-based fees in markets with greater heterogeneity in products and preferences, and with unit fees in markets for more homogeneous products – exactly as our theoretical analysis suggests is optimal.

Item Type: Monograph (Working Paper)
Official URL:
Additional Information: © 2016 The Authors
Divisions: Economic History
Subjects: H Social Sciences > HC Economic History and Conditions
JEL classification: D - Microeconomics > D4 - Market Structure and Pricing
N - Economic History > N2 - Financial Markets and Institutions > N23 - Europe: Pre-1913
Date Deposited: 10 Jun 2016 15:52
Last Modified: 27 Jan 2021 00:42

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