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Medieval matching markets

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Author Info

  • Börner, Lars
  • Quint, Daniel

Abstract

This paper studies the market microstructure of pre-industrial Europe. In particular we investigate the institution of the broker in markets and fairs, and develop a unique data set of approximately 1100 sets of brokerage rules in 42 merchant towns in Central and Western Europe from the late 13th to the end of the 17th century. We show that towns implemented brokerage as an efficient matchmaking institution in a two-sided market problem. Furthermore, towns differentiated seller-friendly from buyer-friendlier matching mechanisms. We show that the decision to implement matchmaking mechanisms, and whether these mechanisms would be buyer- or seller friendly, depends on the products in question and the stated policy goals of the town, as well as time and geographic variables. --

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Bibliographic Info

Paper provided by Free University Berlin, School of Business & Economics in its series Discussion Papers with number 2010/31.

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Date of creation: 2010
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Handle: RePEc:zbw:fubsbe:201031

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Keywords: preindustrial markets; market microstructure; efficient matching;

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References

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  1. Yavas, Abdullah, 1992. "Marketmakers versus matchmakers," Journal of Financial Intermediation, Elsevier, Elsevier, vol. 2(1), pages 33-58, March.
  2. Lars Boerner & Albrecht Ritschl, 2009. "The Economic History of Sovereignty: Communal Responsibility, the Extended Family, and the Firm," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, Mohr Siebeck, Tübingen, vol. 165(1), pages 99-112, March.
  3. Noam Yuchtman & Davide Cantoni, 2013. "Medieval Universities, Legal Institutions, and the Commercial Revolution," 2013 Meeting Papers, Society for Economic Dynamics 95, Society for Economic Dynamics.
  4. Thomas Gehrig, 1993. "Intermediation in Search Markets," Discussion Papers, Northwestern University, Center for Mathematical Studies in Economics and Management Science 1058, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  5. Richardson, Gary, 2004. "Guilds, laws, and markets for manufactured merchandise in late-medieval England," Explorations in Economic History, Elsevier, Elsevier, vol. 41(1), pages 1-25, January.
  6. John Rust & George Hall, 2003. "Middlemen versus Market Makers: A Theory of Competitive Exchange," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 111(2), pages 353-403, April.
  7. Yavas, Abdullah, 1994. "Middlemen in Bilateral Search Markets," Journal of Labor Economics, University of Chicago Press, University of Chicago Press, vol. 12(3), pages 406-29, July.
  8. John H. Munro, 2000. "The West European Woollen Industries and their Struggles for International Markets, c.1000 - 1500," Working Papers munro-00-04, University of Toronto, Department of Economics.
  9. Muriel Niederle & Alvin E Roth, 2003. "Unraveling Reduces Mobility in a Labor Market: Gastroenterology with and without a Centralized Match," Levine's Working Paper Archive 506439000000000428, David K. Levine.
  10. Greif, Avner & Milgrom, Paul & Weingast, Barry R, 1994. "Coordination, Commitment, and Enforcement: The Case of the Merchant Guild," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 102(4), pages 745-76, August.
  11. Munro, John H., 1998. "The symbiosis of towns and textiles: urban institutions and the changing fortunes of cloth manufacturing in the Low Countries and England, 1270 - 1570," MPRA Paper 11266, University Library of Munich, Germany, revised Sep 1998.
  12. Daniel F. Spulber, 1996. "Market Microstructure and Intermediation," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 10(3), pages 135-152, Summer.
  13. Greif, Avner, 1993. "Contract Enforceability and Economic Institutions in Early Trade: the Maghribi Traders' Coalition," American Economic Review, American Economic Association, American Economic Association, vol. 83(3), pages 525-48, June.
  14. Greif, Avner, 1994. "Cultural Beliefs and the Organization of Society: A Historical and Theoretical Reflection on Collectivist and Individualist Societies," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 102(5), pages 912-50, October.
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Citations

Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Designing matching mechanisms in medieval times
    by Economic Logician in Economic Logic on 2011-03-09 17:09:00
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Cited by:
  1. Greif, Avner & Tabellini, Guido, 2012. "The Clan and the City: Sustaining Cooperation in China and Europe," CEPR Discussion Papers, C.E.P.R. Discussion Papers 9072, C.E.P.R. Discussion Papers.
  2. Davide Cantoni & Noam Yuchtman, 2012. "Medieval Universities, Legal Institutions, and the Commercial Revolution," NBER Working Papers 17979, National Bureau of Economic Research, Inc.
  3. van Bochove, Christiaan & Boerner, Lars & Quint, Daniel, 2012. "Anglo-Dutch premium auctions in eighteenth-century Amsterdam," Discussion Papers 2012/3, Free University Berlin, School of Business & Economics.

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