The Market for Uncertainty Bearing in Roman Egypt

Bibliographic Data

ID10997686
AuthorsMorris Silver (City College of New York, corresponding author)
Year2014
Volume57
Issue1
Pages39-48
Publication date2014-06-01
Open AccessYes
TypeARTICLE
VenueBulletin of the Institute of Classical Studies (JOURNAL)
Journal identifiersISSN: 0076-0730 • E-ISSN: 2041-5370
PublisherOxford University Press (OUP) (PUBLISHER)
DOI10.1111/j.2041-5370.2014.00064.x
OpenAlexW2045172680
LanguageEN
References cited7

This paper (re)calls attention to an unusual, much discussed Roman era Egyptian contract between Tetoueis and Venaphrios for the future delivery of grain. It is argued that the contractual provisions cannot be adequately explained within the framework of strictly credit or strictly commodity purchase instruments. It is shown, however, that sale in advance transactions for grain (and also for wine) can be understood by placing uncertainty in the foreground and viewing them as option contracts. Thus, this paper develops and refines an idea that has lain dormant since being put forward by Packman in 1975. Although this is quite possible, the point of the discussion is not that many Roman economic actors made their living by writing option contracts but only that such contracts were written and might be purchased even by unexpected individuals such as the illiterate Tetoueis

Art · Business · Commerce · Commodity · Economics · Law and economics · Market economy · Point (geometry · Visual arts · Wine · Ancient Egypt and Archaeology · Archaeology and Historical Studies · Classical Antiquity Studies · Mathematics

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