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Rational investment behaviour and seasonality in early modern grain prices

Published online by Cambridge University Press:  11 September 2001

WALTER BAUERNFEIND ,
MICHAEL REUTTER  and
ULRICH WOITEK
WALTER BAUERNFEIND
Affiliation:
City Archives Nuremberg
MICHAEL REUTTER
Affiliation:
CES, University of Munich
ULRICH WOITEK
Affiliation:
Department of Economics, University of Glasgow, Glasgow G12 8RT, Scotland
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Abstract

We analyse a newly constructed data set of monthly prices for wheat and rye in Nuremberg (1490–1855) to address the issue whether models of rational investment behaviour provide an adequate description of grain markets and grain storage in early modern Europe. Based on the empirical evidence presented here we conclude that the case for well functioning arbitrage in the market for grain in Nuremberg is quite weak. This can only partly be explained by the institutional background.

Type
Research Article
Information
European Review of Economic History , Volume 5 , Issue 2 , August 2001 , pp. 281 - 298
Copyright
© 2001 Cambridge University Press

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