Lettuce Again, and Lumber
Jul 11, 2023•14 min•Season 1Ep. 10
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Episode description
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/
You can follow Mike Munger on Twitter at @mungowitz
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