Networks, Institutions, and Uncertainty: Information Exchange in Early-Modern Markets

• 成果类型: Article
• 署名作者: Yale University; University of Navarra; IESE Business School
• 刊物名称: JOURNAL OF ECONOMIC HISTORY
• ISSN/ISSBN: 0022-0507
• DOI: 10.1017/S0022050718000566
• 发表日期: 2018
• 页码: 1034-1067
• 关键词: Social networks; trust; COOPERATION; governance; companies

摘要

We analyze patterns of informal information exchange by the English East India Company's captains to assess the role of relational and institutional governance systems and uncertainty in encouraging information exchange. Using archival data from the emerging early-modern global trade network, we show that uncertainty drove information exchange. Relational-based contract enforcement mechanisms such as small group exchange were largely absent, and increasing institutional strength was associated with decreasing rates of information exchange. The results suggest that opportunity and demand were more important determinants of information exchange than the emergence of formal and informal governance systems.