Risk, Asset Markets and Inequality: Evidence from Medieval England
Between the eleventh and fourteenth centuries English peasants faced large income shocks relative to mean incomes. Innovations in property rights over land induced peasants to respond by trading small parcels of land as part of their risk coping strategy. The same period witnessed a dramatic increase in inequality in the distribution of peasant landholdings. We argue that these events are related. When agents are able to trade their productive assets to manage risk, wealth dynamics become unstable and generate increasing inequality over time. We analyze the effects of these dynamics in the context of medieval English land markets and peasant landholdings.
Year of publication: |
2009-10-01
|
---|---|
Authors: | Bekar, Cliff T. ; Reed, Clyde |
Institutions: | Department of Economics, Oxford University |
Saved in:
freely available
Saved in favorites
Similar items by person
-
The Duel of Honor : Screening for Unobservable Social Capital
Allen, Douglas W., (2010)
-
The Transition to Agriculture : Climate Reversals, Population Density, and Technical Change
Dow, Gregory K., (2005)
-
Climate reversals and the transition to agriculture
Dow, Gregory, (2009)
- More ...