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The Market for Indentured Immigrants: Evidence on the Efficiency of Forward-Labor Contracting in Philadelphia, 1745?1773

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Author Info
Grubb, Farley

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Abstract

Indentured servitude is modeled as a trans-Atlantic market in forward-labor contracts. The model is applied to servant-auction evidence in Philadelphia, and the determinants of contract prices are used to test the efficient-market hypothesis. While competing for servants in Europe, most of the expected price differences across servants were lost through arbitrage by recruiters.

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Publisher Info
Article provided by Cambridge University Press in its journal The Journal of Economic History.

Volume (Year): 45 (1985)
Issue (Month): 04 (December)
Pages: 855-868
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Handle: RePEc:cup:jechis:v:45:y:1985:i:04:p:855-868_03

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  1. Michael Baker & Gillian Hamilton, 1999. "French/English Differences in Labour Market Compensation in 19th Century Montreal," Working Papers baker-99-02, University of Toronto, Department of Economics. [Downloadable!]
  2. Gillian Hamilton, 1999. "The Decline of Apprenticeship in North America: Evidence from Montreal," Working Papers hamiltng-99-01, University of Toronto, Department of Economics. [Downloadable!]
  3. Peter Thompson, 2003. "Technological Change and the Age-Earnings Profile: Evidence from the International Merchant Marine, 1861-1912," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 6(3), pages 578-601, July. [Downloadable!] (restricted)
  4. Farley Grubb, 2001. "The Market Evaluation of Criminality: Evidence from the Auction of British Convict Labor in America, 1767-1775," American Economic Review, American Economic Association, vol. 91(1), pages 295-304, March. [Downloadable!] (restricted)
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