The Market for Indentured Immigrants: Evidence on the Efficiency of Forward-Labor Contracting in Philadelphia, 1745–1773

@article{Grubb1985TheMF,
  title={The Market for Indentured Immigrants: Evidence on the Efficiency of Forward-Labor Contracting in Philadelphia, 1745–1773},
  author={Farley Grubb},
  journal={The Journal of Economic History},
  year={1985},
  volume={45},
  pages={855 - 868}
}
  • F. Grubb
  • Published 1 December 1985
  • Economics
  • The Journal of Economic History
Indentured servitude is modeled as a trans-Atlantic market in forward-labor contracts. The model is applied to servant-auction evidence in Philadelphia, and the determinants of contract prices are used to test the efficient-market hypothesis. While competing for servants in Europe, most of the expected price differences across servants were lost through arbitrage by recruiters. 

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