Historical Political Futures Markets: An International Perspective
24 Pages Posted: 8 Oct 2008 Last revised: 15 Oct 2022
Date Written: October 2008
Political future markets, in which investors bet on election outcomes, are often thought a recent invention. Such markets in fact have a long history in many Western countries. This paper traces the operation of political futures markets back to 16th Century Italy, 18th Century Britain, and 19th Century United States. In the United States, election betting was a common part of political campaigns in the antebellum period, but became increasingly concentrated in the organized futures markets in New York City over the postbellum period.
Suggested Citation: Suggested Citation
Rhode, Paul W. and Rhode, Paul W. and Strumpf, Koleman S., Historical Political Futures Markets: An International Perspective (October 2008). NBER Working Paper No. w14377, Available at SSRN: https://ssrn.com/abstract=1278451
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