Abstract

The article focuses on price formation and decision-making in Covent Garden Market, London, England. The famous Covent Garden Market, which has been in existence in the same location for over three hundred years, will soon be moving to a new location. This wholesale market, which is one of five such institutions in London, is the largest in Great Britain and indeed one of the largest in the world. By virtue of its size and variety of its offerings, Covent Garden Market is a most important factor in price formation as related to the sale of fruits, vegetables and flowers. The type of price-making employed in the market and its relationship to the market information on which the pricing mechanism is based, gives rise to many interesting business decisions. The decision-making process in this market, therefore, should be of great interest to business students and practitioners everywhere. Covent Garden Market Authority is an institution organized to provide facilities to wholesale marketers of produce and floral goods.