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Last week's letter asked if charging prices below the "market" price might be rational, but might be an antitrust violation. The TWEJ is a joke about women in prison for having violated rules against "moral" pricing. The actual cartoon is here, preserved for posterity by the good Timothy Taylor. Some links, for more information:Russ Roberts and Michael Munger on John Locke, Prices, and Hurricane SandyJohn Locke, "Venditio"Guzman and Munger, "Moral Dilemmas from Locke's Venditio," Public Choice. A "Loudwire" article that fails to understand even basic economics of scarcity.Mark Perry drops the truth about "Ticket Scalping" and why it happens...Adam Smith: "The real price of everything is the toil and trouble of acquiring it." (WoN, Bk I, Chapter 5) Michael Munger, "To the Consumer, All Costs are Transaction Costs." AIER.
You can follow Mike Munger on Twitter at @mungowitz
