Articles by Prateek Raj:

Prize-Winning Innovations in Measuring Civic Capital and Its Effects

The European Economic Association has announced that this year’s Hicks Tinbergen medal will go to ProMarket editor and Stigler Center faculty director Luigi Zingales and his coauthors Luigi Guiso and Paola Sapienza for their 2016 paper “Long-Term Persistence.” Here, a current coauthor of Sapienza and Zingales credits the prizewinners with helping to make the study of informal institutions mainstream in economics.  

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How Markets in Europe Opened Up as Guild Monopolies Declined in the Sixteenth Century

Markets don’t function well if they are ridden with frictions like lack of information or lack of trust. A new working paper finds that cities in the sixteenth century where monopolies of densely networked merchant guilds declined had significantly higher levels of printing, as they were early adopters of printing technology. Additionally, these cities were found on the Atlantic coast, where traders had the greatest incentives to form new connections with unfamiliar traders.  

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