Risk, Asset Markets and Inequality: Evidence from Medieval England

Cliff T. Bekar and Clyde Reed

No _079, Oxford Economic and Social History Working Papers from University of Oxford, Department of Economics

Abstract: 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.

Date: 2009-10-01
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
https://www.nuff.ox.ac.uk/economics/history/

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:oxf:esohwp:_079

Access Statistics for this paper

More papers in Oxford Economic and Social History Working Papers from University of Oxford, Department of Economics Contact information at EDIRC.
Bibliographic data for series maintained by Anne Pouliquen ( this e-mail address is bad, please contact ).