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Sequential Sales as a Test of Adverse Selection in the Market for Slaves

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  • Pritchett, Jonathan
  • Smith, Mallorie

Abstract

When imported slaves were first sold in New Orleans, buyers were unaware of the slaves’ unobservable characteristics. In time, the new owners learned more about their slaves and may have resold the “lemons.” Previous research suggests that buyers anticipated such adverse selection and reduced their bids for these slaves. Consequently, we should observe lower prices for resold slaves. We test this proposition by linking the sequential sales records of 568 slaves. Through a comparison of initial and resale prices, we find little evidence to support the hypothesis that adverse selection lowered the price of resold slaves.

Suggested Citation

  • Pritchett, Jonathan & Smith, Mallorie, 2013. "Sequential Sales as a Test of Adverse Selection in the Market for Slaves," The Journal of Economic History, Cambridge University Press, vol. 73(2), pages 477-497, June.
    • Handle: RePEc:cup:jechis:v:73:y:2013:i:02:p:477-497_00
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    Cited by:

    1. Charles W. Calomiris & Jonathan Pritchett, 2016. "Betting on Secession: Quantifying Political Events Surrounding Slavery and the Civil War," American Economic Review, American Economic Association, vol. 106(1), pages 1-23, January.

    More about this item

    JEL classification:

    • N31 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - U.S.; Canada: Pre-1913

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