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

Autor:	Pritchett, Jonathan, Smith, Mallorie
Předmět:	HISTORY of slave trades ENSLAVED African Americans SLAVERY SLAVE auctions SLAVE traders SLAVEHOLDERS RESALE 19TH century history of New Orleans (La.) HISTORY NINETEENTH century ECONOMICS
Zdroj:	Journal of Economic History; Jun2013, Vol. 73 Issue 2, p477-497, 21p
Abstrakt:	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. [ABSTRACT FROM PUBLISHER]
Databáze:	Complementary Index
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