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Incentives in merchant empires: Portuguese and Dutch compensation schemes

  • Claudia Rei

    ()

    (Vanderbilt University, Nashville, TN, USA)

The Portuguese and Dutch merchant empires had a similar geographic distribution with outposts all around the Indian Ocean, which they controlled and manned. Both empires faced the same problem of monitoring their agents in remote corners of the world. Each, however, arrived at a different solution to the monitoring problem. I use a principal–agent model to link different monitoring options to the different organizational structures of the two empires. I further investigate the implications of the model with archival data on labor compensation for Portuguese and Dutch workers overseas.

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File URL: http://dx.doi.org/10.1007/s11698-011-0074-3
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Article provided by Association Française de Cliométrie (AFC) in its journal Cliometrica, Journal of Historical Economics and Econometric History.

Volume (Year): 7 (2013)
Issue (Month): 1 (January)
Pages: 1-13

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Handle: RePEc:afc:cliome:v:7:y:2013:i:1:p:1-13
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  1. Rei, Claudia, 2011. "The organization of Eastern merchant empires," Explorations in Economic History, Elsevier, vol. 48(1), pages 116-135, January.
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  9. Carlos, Ann M, 1992. "Principal-Agent Problems in Early Trading Companies: A Tale of Two Firms," American Economic Review, American Economic Association, vol. 82(2), pages 140-45, May.
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