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A factual account of the functioning of the nineteenth-century Paris Bourse

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  • Donald Walker

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.

Suggested Citation

  • Donald Walker, 2001. "A factual account of the functioning of the nineteenth-century Paris Bourse," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 8(2), pages 186-207.
    • Handle: RePEc:taf:eujhet:v:8:y:2001:i:2:p:186-207
    DOI: 10.1080/0967256011039281
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    References listed on IDEAS

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    1. Hicks, J. R., 1975. "Value and Capital: An Inquiry into some Fundamental Principles of Economic Theory," OUP Catalogue, Oxford University Press, edition 2, number 9780198282693.
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    Cited by:

    1. Michel Callon & Fabian Muniesa, 2005. "Economic markets as calculative collective devices," Post-Print halshs-00087477, HAL.
    2. Jean-Sébastien Lenfant & Jérôme Lallement, 2004. "L'équilibre général comme savoir : de Walras à nos jours," Working Papers hal-01765036, HAL.
    3. Chen, Shu-Heng, 2012. "Varieties of agents in agent-based computational economics: A historical and an interdisciplinary perspective," Journal of Economic Dynamics and Control, Elsevier, vol. 36(1), pages 1-25.
    4. Castelle, Michael & Millo, Yuval & Beunza, Daniel & Lubin, David C., 2016. "Where do electronic markets come from? Regulation and the transformation of financial exchanges," LSE Research Online Documents on Economics 68650, London School of Economics and Political Science, LSE Library.
    5. Eugene N. White, 2007. "The Crash of 1882, Counterparty Risk, and the Bailout of the Paris Bourse," NBER Working Papers 12933, National Bureau of Economic Research, Inc.

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