tag:blogger.com,1999:blog-5098682422439024812.post6578519556756847303..comments2023-06-20T04:24:22.419-07:00Comments on New Liberal Democrat: Prices ARE arbitraryF.http://www.blogger.com/profile/14666156958901749352noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-5098682422439024812.post-50645311924457654392009-07-29T07:48:58.107-07:002009-07-29T07:48:58.107-07:00Solid post Adam.
An interesting example of the pr...Solid post Adam.<br /><br />An interesting example of the pricing scheme is that Coke developed machines that would charge more on hot days than on cold days, which fits perfectly with your point of how personal value varies daily. It was an unpopular measure, so Coke pulled the plug on those machines. I do know that there are times when I would drop 5$ on a frosty cold beverage though -- but it is never irrational.<br /><br />I am hoping to hear more about this text as I agree with the premise of the title, that we cannot assume a rational actor, but I thought it would be in the context of a somewhat rational actor.Unknownhttps://www.blogger.com/profile/09984713000776898874noreply@blogger.comtag:blogger.com,1999:blog-5098682422439024812.post-33572271025357979592009-07-28T21:14:41.872-07:002009-07-28T21:14:41.872-07:00I really think you did a great job on this article...I really think you did a great job on this article. Excellent.Geoffhttps://www.blogger.com/profile/04632936330859172642noreply@blogger.comtag:blogger.com,1999:blog-5098682422439024812.post-74869597072103882282009-07-28T20:44:23.966-07:002009-07-28T20:44:23.966-07:00If I remember, sure you can borrow it. Otherwise ...If I remember, sure you can borrow it. Otherwise you will have to remind me. I don't agree with the author. He is making the statement that because prices are not consistent and can be manipulated (only to some degree I might add) that they are irrational. If you read the book you will see that he uses the results of his narrow experiment to conclude that the free market doesn't make any sense. <br /><br />If this is not clear, the point I am trying to make is that prices, i.e. the value we place on things is arbitrary because that value is an indivuduals valuation. The mere fact that we trade is proof positive that people don't value things the same way.F.https://www.blogger.com/profile/14666156958901749352noreply@blogger.comtag:blogger.com,1999:blog-5098682422439024812.post-4564401542326966592009-07-28T20:30:10.661-07:002009-07-28T20:30:10.661-07:00That book sounds really interesting. Can I borrow...That book sounds really interesting. Can I borrow it when you are done?<br /><br />I'm unsure about whether you are agreeing with the author or not though.<br /><br />"Proof positive that people are irrational and prices arbitrary.<br /><br />He is right, prices are arbitrary, but they are not irrational."<br /><br />Are you saying that the author is suggesting that _prices_ are irrational? Or are you making an altogether different observation?Geoffhttps://www.blogger.com/profile/04632936330859172642noreply@blogger.com