Medieval Matching Markets1
نویسندگان
چکیده
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 brokers in such a way that it was in their own interest to maximize the aggregate welfare of the demand and supply side. In addition, we show that town o¢ cials implemented brokerage rules that led to di¤erent surplus distributions between buyers and sellers. Finally, we demonstrate that these mechanisms had an impact on the merchants incentives to reveal their preferences about prices they asked or were willing to pay for the purchased goods. This in turn inuences the aggregate welfare of the market participants. Keywords: Medieval markets, market microstructure, e¢ cient matching JEL classi cation numbers: D4, N23
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