
Contents
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Cities, Markets, and Prices Cities, Markets, and Prices
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Center and Periphery: The Historical Development Center and Periphery: The Historical Development
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Predation, Economic Space, and Political Space Predation, Economic Space, and Political Space
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Prices and Market Integration Prices and Market Integration
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Markets: Supply, Demand, and Nash Equilibrium Markets: Supply, Demand, and Nash Equilibrium
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In Perspective: The Medieval and Early Modern European Markets In Perspective: The Medieval and Early Modern European Markets
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Uncertainty, Risk Management, and the “Imperfect Market” Uncertainty, Risk Management, and the “Imperfect Market”
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Institutional Constraints and Nash Equilibrium Institutional Constraints and Nash Equilibrium
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XV The Greek Cities and the Market
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Published:December 2018
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Abstract
This chapter examines the extent and the limits of the market system in ancient Greece. It begins with a historical overview of the center-periphery model that emerged during the period, predation as a defining characteristic of the ancient Greek market, and the divergence of prices from one region to another—often seen as a symptom of a lack of market integration. It then compares the overall performance of the market in the city-states with those of the cities of medieval and modern Europe before discussing the disequilibrium between supply and demand and the form of risk management adopted by individuals and by cities that made the market of ancient Greece far from being a “perfect market.” The chapter concludes with an analysis of the Nash equilibrium that characterized the market and the factors that limited the production of grain to be sold on the market.
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