Prospecting for dinosaurs on the mining frontier: The value of information in America's Gilded Age.

ABSTRACT

How much is a dinosaur worth? This essay offers an account of the way vertebrate fossils were priced in late 19th-century America to explore the process by which monetary values are established in science. Examining a long and drawn-out negotiation over the sale of an unusually rich dinosaur quarry in Wyoming, I argue that, on their own, abstract market principles did not suffice to mediate between supply and demand. Rather, people haggling over the price of dinosaur bones looked to social norms from the mineral industry for cues on how to value these rare and unusual objects, adopting a set of negotiation tactics that exploited asymmetries in the distribution of scarce information to secure the better end of the deal. On the mining frontier in America's Gilded Age, dinosaurs were thus valued in much the same way as any other scarce natural resource one could dig out of the ground, including gold, silver, and coal.