THE STRUCTURE OF SLAVE PRICES IN NEW ORLEANS, 1804 TO 1862

This paper analyzes the structure of slave prices in New Orleans from 1804 to 1862 in an attempt to shed light on such issues as the competitive nature and economic “rationality” of the slave system, the impact of the slave trade on the separation of the slave family, the extent of slave skill formation and its importance to the Southern economy, and the personal relationships between owners and slaves. The analysis is based on the Rogert Fogel and Stanley Engerman (1974) sample of New Orleans slave invoices representing over 5700 slaves sold during the years 1804 to 1862. These invoices contain a rich assortment of information detailing the characteristics and attributes of slaves sold in the market as well as the particulars of slave transactions. The data are investigated within a regression model that relates the price of slaves sold in the market to their characteristics and to other aspects of the slave sale. After discussing the data and the regression model, the paper presents general results; subsequent sections of the paper focus on questions of more particular interest.