factual

Commodification standardized wheat trading

Before commodity markets, buying wheat required inspecting each field for water content and grade; the Chicago Board of Trade commodified wheat by defining standardized grades (e.g. number two hard red winter wheat) so buyers could purchase in bulk without caring who they dealt with or inspecting the goods.

factualpending

Speaker

Alvin Roth

Evidence Quote

the Chicago Board of Trade commodified it by having all these adjectives when we describe the wheat; number two, hard red winter wheat. They all remove some of the possibilities so that when you buy bushels of that, 5,000 bushels at a time, you don't care who you're dealing with

Source

353 | Alvin Roth on the Economics of Morally Contested MarketsSean Carroll's Mindscape
Created: 6/13/2026, 12:30:11 AM

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