Medieval Matching Markets
نویسندگان
چکیده
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 e¢ cient matchmaking institution in a two-sided market problem. Furthermore, towns di¤erentiated seller-friendly from buyer-friendlier matching mechanisms. We show that the decision to implement matchmaking mechanisms, and whether these mechanisms would be buyeror seller friendly, depends on the products in question and the stated policy goals of the town, as well as time and geographic variables. Keywords: preindustrial markets, market microstructure, e¢ cient matching JEL classi cation numbers: D4, N23
منابع مشابه
Medieval Matching Markets1
This paper presents insights on the market microstructure of the late Middle Ages. In particular it looks into the institution of the broker on medieval markets and fairs. It argues that the broker was a key player in the solution of a two-sided matching market problem. The brokers obligation was to match sellers to buyers. Medieval market makers, i.e. the town o¢ cials set up rules for broker...
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