Adverse Selection in the Market for Slaves: New Orleans, 1830-1860
通过分析美国内战前新奥尔良奴隶市场的相对价格，估计了逆向选择的程度，发现上市奴隶的平均质量可能比整体奴隶低20%到40%，优质奴隶被出售的可能性仅为低质量奴隶的三分之一。
This paper seeks to cast some light on the importance of adverse selection in competitive markets by examining the market for the sale of slaves in pre-Civil War New Orleans. Estimates of the degree of adverse selection in the New Orleans market are obtained by examining the relative prices of slaves from different regions of origin. These estimates indicate that slaves brought to market may on average have been of 20 percent to 40 percent lower quality than the slave population in general, and that good slaves were perhaps three times less likely to be sold than low quality ones.