EPISODE · Jul 11, 2023 · 13 MIN
Lettuce Again, and Lumber
from The Answer Is Transaction Costs · host Michael Munger
Send us Fan MailHow 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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Send us Fan Mail 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...
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Lettuce Again, and Lumber
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