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George Stigler - Price Quotes

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Price dispersion is a manifestation — and, indeed, it is the measure — of ignorance in the market. Dispersion is a biased measure of ignorance because there is never absolute homogeneity in the commodity if we include the terms of sale within the concept of the commodity. Thus, some automobile dealers might perform more service, or carry a larger range of varieties in stock, and a portion of the observed dispersion is presumably attributable to such differences. But it would be metaphysical, and fruitless, to assert that all dispersion is due to heterogeneity.

George Stigler
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In the 1950s, I proposed the survivor method of determining the efficient sizes of enterprises, and worked on delivered price systems, vertical integration, and similar topics.

George Stigler
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Early in my professional life, I found that many areas of economics attracted me. I started working and publishing in price theory by 1938. In 1946, I published an early work on linear programming (The Cost of Subsistence) which solved the problem only approximately; George Dantzig soon presented the exact solution. In the 1940s, I began empirical work on price theory, starting with a test of the kinked oligopoly demand curve theory of rigid prices.

George Stigler

Quote of the day

What we observe is not nature itself but nature exposed to our method of questioning. Our scientific work in physics consists in asking questions about nature in the language that we possess and trying to get an answer from experiment by the means that are at our disposal.
Werner Heisenberg

George Stigler

George Stigler
Wikipedia

Born: January 17, 1911
Died: December 1, 1991 (aged 80)
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