Latest Articles
Cheap Pearls (2/16/2001)
Far from increasing consumer surplus, falling prices for luxury goods such as freshwater pearls due to overproduction reduce both consumer surplus and producer profit.
Far from increasing consumer surplus, falling prices for luxury goods such as freshwater pearls due to overproduction reduce both consumer surplus and producer profit.
Choice Paralysis (9/2/2005)
Too many choices might lead to decision paralysis due to information overload.
Too many choices might lead to decision paralysis due to information overload.
Choose Your Parents Carefully (8/31/2005)
Marital sorting can increase wage inequality and lead to lower economic growth over generations by concentrating the life-chance advantage of better educated people.
Marital sorting can increase wage inequality and lead to lower economic growth over generations by concentrating the life-chance advantage of better educated people.
Clowning with parking meters (1/23/1999)
A clown irks the police but pleases shoppers by feeding expired parking meters for tips
A clown irks the police but pleases shoppers by feeding expired parking meters for tips
Covering Risk or Risky Behaviors? (7/27/2000)
The insurance solution to risky behaviors, such as smoking and underage driving, is to raise premium to discourage such behaviors and not to subsidize the treatment of such behaviors.
The insurance solution to risky behaviors, such as smoking and underage driving, is to raise premium to discourage such behaviors and not to subsidize the treatment of such behaviors.
Fished Out! (2/9/2001)
By assigning fishing quotas to individual fisherman, Iceland has solved the problem of over-exploitation typically associated with open access to common-pool resources.
By assigning fishing quotas to individual fisherman, Iceland has solved the problem of over-exploitation typically associated with open access to common-pool resources.
Flexible Pricing (2/26/2005)
The Internet has made it possible to replace fixed pricing with flexible pricing based on changing supply and demand conditions. Spot pricing will lead to a more efficient market with winners and losers.
The Internet has made it possible to replace fixed pricing with flexible pricing based on changing supply and demand conditions. Spot pricing will lead to a more efficient market with winners and losers.
