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How is buying lettuce like buying lumber? Each is idiosyncratic, and has to be sorted. Imposing the sorting costs on the buyer is actually a way of price discriminating.

Clement Atlee and Winston Churchill, for the best TWEJ ever.

And a cool new letter, about using transaction costs to separate by type, when type is "private information."

Links:

• "Measurement Costs and Pricing in Retail Produce"  
• Clement Atlee:  https://blog.oup.com/2017/06/clement-attlee-timeline/ 
• Atlee and Churchill:  https://www.amazon.com/Attlee-Churchill-Allies-Adversaries-Peace/dp/1848876602 
• Atlee speech  https://www.youtube.com/watch?v=XLuIlkT4gV4 
• SOURCE for the joke:  https://quoteinvestigator.com/2015/08/13/working-well/ 

If you have questions or comments, or want to suggest a future topic, email the show at [email protected] !

You can follow Mike Munger on Twitter at @mungowitz