Marketing secondhand goods in late medieval England

Purpose – The purpose of this paper is to identify the main practitioners, goods, customers and locations of secondhand marketing activities in late medieval England. It questions how important was the economic role played by such markets and what was the interaction with more formal market structures?

Design/methodology/approach – A broad range of evidence was examined, covering the period from 1200 to 1500: regulations, court rolls, wills, manorial accounts, literature, and even archaeology. Such material often provided mere scraps of information about marginal marketing activity and it was important to recognise the severe limitations of the evidence. Nevertheless, a wide survey of the available sources can give us an insight into medieval attitudes towards such trade, as well as reminding us that much marketing activity occurred beyond the reach of the surviving documentation.

Findings – Late medieval England had numerous outlets for secondhand items, from sellers of used clothes and furs who wandered the marketplaces to craftsmen who recycled and mended old materials. Secondhand marketing was an important part of the medieval makeshift economy, serving not only the needs of the lower sectors of society but also those aspiring to a higher status. However, it is unlikely that such trade generated much profit and the traders were often viewed as marginal, suspicious and even fraudulent.

Originality/value – There is a distinct lack of research into the extent of and significance of medieval secondhand marketing, which existed in the shadowy margins of formal markets and is thus poorly represented in the primary sources. A broad-based approach to the evidence can highlight a variety of important issues, which impact upon the understanding of the medieval English economy.

Why do people non-demand reveal in hypothetical double referenda for public goods?

Hypothetical contingent valuation surveys used to elicit values for environmental and other public goods often employ variants of the referendum mechanism due to the cognitive simplicity and familiarity of respondents with this voting format. One variant, the double referendum mechanism, requires respondents to state twice how they would vote for a given policy proposal given their cost of the good. Data from these surveys often exhibit anomalies inconsistent with standard economic models of consumer preferences. There are a number of published explanations for these anomalies, mostly focusing on problems with the second vote. This article investigates which aspects of the hypothetical task affect the degree of nondemand revelation and takes an individual-based approach to identifying people most likely to non-demand reveal. A clear profile emerges from our model of a person who faces a negative surplus i.e. a net loss in the second vote and invokes non self-interested, non financial motivations during the decision process.

”Bricks vs. Clicks”: The impact of manufacturer encroachment with a dealer leasing and selling of durable goods

In durable goods markets, many brand name manufacturers, including IBM, HP, Epson, and Lenovo, have adopted dual-channel supply chains to market their products. There is scant literature, however, addressing the product durability and its impact on players’ optimal strategies in a dual-channel supply chain. To fill this void, we consider a two-period dual-channel model in which a manufacturer sells a durable product directly through both a manufacturer-owned e-channel and an independent dealer who adopts a mix of selling and leasing to consumers. Our results show that the manufacturer begins encroaching into the market in Period 1, but the dealer starts withdrawing from the retail channel in Period 2. Moreover, as the direct selling cost decreases, the equilibrium quantities and wholesale prices become quite angular and often nonmonotonic. Among other results, we find that both the dealer and the supply chain may benefit from the manufacturer’s encroachment. Our results also indicate that both the market structure and the nature of competition have an important impact on the player’s (dealer’s) optimal choice of leasing and selling.

Leisure goods, education attainment and fertility choice

This paper proposes a novel mechanism for the fertility decline that occurred across the world since the late nineteenth century. It suggests that the rise in the cost of children relative to leisure goods in the process of development contributed to the decline in fertility. The paper develops a unified growth model in which children are substitutes for leisure goods in the parental utility function. The theory suggests that the rise in income, the decline in the relative price of leisure goods and the increase in educational attainment in the process of development speed up the demographic transition from high to low fertility and contributed to the transition from stagnation to growth.

Neoliberalism, the University, Public Goods, and Agricultural Innovation

After World War II, most industrialising nations adopted some form of welfare-state approach to balance the economic activities of self-interested agents and social welfare. In the realm of scientific research and innovation, this often meant that governments took primary responsibility for funding public research organisations, including research universities and government laboratories. Over the past four decades, however, the significance of private funding for agricultural research has increased, and academic scientists now often work in public-private partnerships. We argue that this trend needs to be carefully monitored because public goods are likely to be overlooked and undervalued in such arrangements. In the interest of developing indicators to monitor the trend, we document public and private funding for agricultural research and agricultural innovation in four countries: the USA, the UK, Ireland and Germany. Our results show that although neoliberalism is evident in each country, it is not homogeneous in its application and impacts, suggesting that national and institutional contexts matter. This article is directed at stimulating debates on the relationships between university research, agricultural innovation and public goods.