Price flexibility

If you think Chinatown normally has an unpleasant odor, imagine what it smells like 24 hours following no refrigeration. Street vendors were trying to unload perishables at bargain prices. I saw a fish weighing roughly 20 pounds and spanning 3 feet from head to tail go to a buyer for $1 dollar. $1 dollar!!!!!

Here is more, sad and tragic and informative throughout.  Hat tip goes to David Wessel and @lisang.

Comments

Obviously this is already priced in. The vendors sell the fish at (infintesimally) higher prices during non-hurricane times as a hedge against the possibility of just this kind of an event. It's the converse of price gouging. Therefore we would expect the prices of highly perishable items to be slightly higher in areas that are unusually prone to prolonged power outages (controlling for all other factors, of course).

How many Chinese market owners have read Taleb?

I don't think your premise holds much water.

You don't have to read Taleb to follow such a strategy.

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sad? sure. tragic? puh-leez.

It's absolutely abysmal if you're the fish.

It's brave to be eating that $1 fish.

What might be truly abysmal is your next day......

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Beach property may go down that same avenue if this Groundhog Day way of dealing with greenhouse gases persists.

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If "price gouging" is illegal shouldn't this "price bombing" also be illegal?

Yet another example of Chinese anti-competitive dumping.

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Why do elderly people live in Manhattan? Sticky residence vis a vis age? Primary benefits of living in Manhattan are proximity to nightlife and career opportunities, which they obviously don't get to leverage.

"Why do elderly people live in Manhattan?"

Such a deal on fish!

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Rent control.

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Habit.

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People like living close to relatives.

Also, the New York State welfare system is more generous than that of other states in terms of providing services/ benefits to the elderly.

Could it be because they do not need a car.

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Rent control.

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Many elderly people are not able to drive or do not like to drive and thereby require a residence that is within short walking distance of amenities they desire which many manhattan locales are.

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Michael Brown fails to see the problem.

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I remember this happening in the blackout in 2003, as well. I walked through China Town on my way home to Brooklyn from midtown, and wondered who in the blue blazes was going to buy unrefridgerated shrimp salad in 95 degree heat, even for $.75/pound. But nearly every restaurant I walked by had hauled a table outside and was hawking the contents of their kitchens on the sidewalk.

Lots of interesting commerce in the 2003 blackout, actually. Nice stores slammed down the gates against the non-existant looters, but the shoddy bodegas were OPEN FOR BUSINESS, working by candlelight. Many hotels barred anyone who couldn't prove they already had a room from going into the bars or restaurants in the lobbies.

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