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Cheap Coals or Limitation of the Vend? The London Coal Trade, 1770-1845
William J. Hausman
The Journal of Economic History
Vol. 44, No. 2, The Tasks of Economic History (Jun., 1984), pp. 321-328
Stable URL: http://www.jstor.org/stable/2120709
Page Count: 8
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An econometric model is here used to estimate the price and output effect of the Limitation of the Vend, a mineowners' cartel. It is found that when a formal regulation existed the price of coal rose significantly in the London market, whereas there was little output effect. The price effect was relatively small, however, especially when compared to the per unit tax on coal. Although the cartel was deemed to be successful, the existence of substantial monopoly profits was questioned.
The Journal of Economic History © 1984 Economic History Association