Richard McKenzie on Prices

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4.7 • 4.4K Ratings

🗓️ 23 June 2008

⏱️ 76 minutes

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Summary

Richard McKenzie of the University California, Irvine and the author of Why Popcorn Costs So Much at the Movies and Other Pricing Puzzles, talks with EconTalk host Russ Roberts about a wide range of pricing puzzles. They discuss why Southern California experiences frequent water crises, why price falls after Christmas, why popcorn seems so expensive at the movies, and the economics of price discrimination.

Transcript

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0:00.0	Welcome to Econ Talk, part of the Library of Economics and Liberty.
0:12.5	I'm your host Russ Roberts of George Mason University and Stanford University's Hoover
0:17.3	Institution.
0:18.7	Our website is econtalk.org where you can subscribe, find other episodes, comment on this podcast,
0:25.8	and find links to other information related to today's conversation.
0:29.9	Our email address is mailadicontalk.org.
0:33.6	We'd love to hear from you.
0:38.4	My guest today is Richard McKenzie, the Walter P. Gurkin Professor of Enterprise and Society
0:44.2	at the Palm Marage School of Business at the University of California, Irvine.
0:48.8	He is the author of Why Popcorn Costs So Much of the Movies and Other Pricing Puzzles.
0:54.8	Richard, welcome to Econ Talk.
0:55.8	Good to be with you, Russ.
0:58.1	Richard, you live in Southern California, and as you point out early in the book, Southern
1:02.2	California is prone to periodic water crises.
1:07.2	Many people are aware of the fact that it doesn't rain much in Southern California, but
1:12.3	you suggest that strangely enough that that isn't the source of the problem.
1:17.4	Why not?
1:18.4	Isn't it just a fact that it doesn't rain much in Southern California so that they run
1:21.8	out of water now and then?
1:23.4	The issue of water crises in Southern California is one I'd love to bring up with my MBA students
1:29.1	at the start of the year.
1:30.8	I ask them, why do we have these crises?
	...

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