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Incentives and the economics of freedom: Slave peculium, manumission and paramone in ancient Greece

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  • Gauthier, Laurent

Abstract

This paper seeks to explain ancient Greek-specific manumission patterns that economic models have not yet accounted for. According to epigraphic sources, some slaves were able to retain earnings, which potentially allowed them to purchase their freedom (manumission), but in many cases there was a paramone, a duty to remain with the former master, for several years or until the master’s death. Manumission prices were also well above recorded slave sale prices. I propose a tractable incentive-theoretic account of these phenomena: the income share serves as effort incentive, manumission prices screen ability, and paramone acts as a credibility device that eliminates the master’s financial incentive to unilaterally take all of the slave’s savings. Simulations align with basic facts, reproducing high manumission premia and the substantial share of conditional manumissions in the epigraphic record.

Suggested Citation

  • Gauthier, Laurent, 2025. "Incentives and the economics of freedom: Slave peculium, manumission and paramone in ancient Greece," Explorations in Economic History, Elsevier, vol. 98(C).
    • Handle: RePEc:eee:exehis:v:98:y:2025:i:c:s0014498325000683
    DOI: 10.1016/j.eeh.2025.101721
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    References listed on IDEAS

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    More about this item

    Keywords

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    JEL classification:

    • J47 - Labor and Demographic Economics - - Particular Labor Markets - - - Coercive Labor Markets
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • N33 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - Europe: Pre-1913

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