Keyword: prices
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.
Keywords: cartel, De Beers, diamonds, fresh water pearls, luxury appeal, monopoly, paradox of plenty, prices, scarcity, Shanxiahu, snob appeal, snob effect, tragedy of the commons
Prices and Sanctions? (8/13/1999)
Prices compel decision makers to consider the monetary costs of their acts, whereas sanctions deter people from doing what is wrong.
Keywords: community standards, external costs, law, parking, penalty, prices, sanctions, speeding