 A factual account of the functioning of the nineteenth-century Paris BourseDonald Walker The European Journal of the History of Economic Thought, 2001, vol. 8, issue 2, 186-207 Abstract: The auctioneer type of price formation process used in economic theory, allegedly based on the functioning of the nineteenth-century Paris Bourse, did not in fact have an empirical counterpart in that institution. Contemporaneous accounts are used to provide a correct description of it. It is shown that its institutions and procedures were very different from the received ideas. Prices were not called out by a market official; securities were not traded in the order in which they appeared on a list; disequilibrium transactions occurred; information varied during the course of the day; and a given security traded at many different prices during the course of a given session, and sometimes simultaneously at different prices. Keywords: J. A. Kregel Nineteenth-CENTURY Bourse Agents De Change Pricing Disequilibrium Transactions (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:taf:eujhet:v:8:y:2001:i:2:p:186-207 Ordering information: This journal article can be ordered from Access Statistics for this article The European Journal of the History of Economic Thought is currently edited by José Luís Cardoso More articles in The European Journal of the History of Economic Thought from Taylor & Francis Journals |
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