There are many different pricing and packaging schemes for serving food in restaurants, and they all seem to coexist. But there are some significant differences, and thinking in terms of transaction costs and adverse selection can help us understand why.
Plus, a TWEJ on the eternal optimism of Keynesians: THIS time it might work!
Some links:
- Yoram Barzel, Measurement Cost and the Organization of Markets. The Journal of Law & Economics, Vol. 25, No. 1 (Apr., 1982), pp. 27-48 https://www.jstor.org/stable/725223
- Comeback of "all you can eat" https://www.today.com/food/restaurants/all-you-can-eat-buffets-comeback-rcna99462
Buffets, pricing, and management, seller's perspective
- https://www.cheftalk.com/threads/pricing-salad-bars-by-weight.70748/
- https://pdfcoffee.com/buffet-cost-control-pdf-free.html
- David V. Pavesic (1994) By-The-Ounce Pricing for Salad Bars, Journal of College & University Foodservice, 1:4, 3-11
- David V. Pavesic and Paul F. Magnant (2005; 2nd Ed). Fundamental Principles of Restaurant Cost Control, pp. 238-246. Prentice Hall.
Consumer's perspective
- https://www.budgetbytes.com/hit-salad-bar-like-boss/
- https://www.refinery29.com/en-us/whole-food-cheap-salad-bar-hacks
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
08/22/23 • 21 min
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The Answer Is Transaction Costs - All You Can Eat, or By the Ounce?
Transcript
This is Mike Munger of Duke University , the knower of important things . We're going to talk about the singularity , all you can eat buffets and a famous political philosopher who closed one restaurant by forcing it to pretend there was a fire in the kitchen . Also , pricing and packaging policies for restaurants . In terms of transaction costs Also Twed and this week's letter Straig
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