About this episode
How is buying lettuce like buying lumber? Each is idiosyncratic, and has to be sorted. Imposing the sorting costs on the buyer is actually a way of price discriminating.
Clement Atlee and Winston Churchill, for the best TWEJ ever.
And a cool new letter, about using transaction costs to separate by type, when type is "private information."
Links:
- "Measurement Costs and Pricing in Retail Produce"
- Clement Atlee: https://blog.oup.com/2017/06/clement-attlee-timeline/
- Atlee and Churchill: https://www.amazon.com/Attlee-Churchill-Allies-Adversaries-Peace/dp/1848876602
- Atlee speech https://www.youtube.com/watch?v=XLuIlkT4gV4
- SOURCE for the joke: https://quoteinvestigator.com/2015/08/13/working-well/
If you have questions or comments, or want to suggest a future topic, email the show at [email protected] !
You can follow Mike Munger on Twitter at @mungowitz
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