In the Qajar period, Zoroastrian merchants of Iran were able to engage in commercial activities with fewer restrictions than in the past. In this article, the economic performance of the Zoroastrians in this period was examined based on the institutional approach as well as the reflection of this trend on the historical and commercial context of Yazd (as one of the most important centres of Zoroastrian society) by studying the historical texts and field studies in the historical context of this city. Based on the results, it was found that the existence of formal and informal institutions had a direct impact on the prosperity or stagnation of the commercial activities of Zoroastrians in both Qajar and first Pahlavi periods. Following the emergence of supporting institutions, the architectural spaces related to their commercial activity relatively increased, but the resistance of informal institutions prevented their widespread presence in the city’s main market.
