The Market for Indentured Immigrants: Evidence on the Efficiency of Forward-Labor Contracting in Philadelphia, 1745–1773
将契约奴役建模为跨大西洋的远期劳动合约市场，利用费城仆人拍卖数据检验合约价格的决定因素，发现招募者之间的套利消除了大部分预期价格差异，表明市场有效。
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.