N.J. charges 8 private sector merchants with gouging after Sandy

[OohPooPahDoo]

No, it reflects the actual market value perfectly. Gas is VERY valuable when there isn't much of it around at the moment.

What's so hard about this?

Market price does not reflect market value in an inefficient market.

But the market is efficient - it's just a localized and temporary shift in supply.

Markets are not efficient in the localities acutely affected by severe natural disaster nor are the participants generally rational. That's what allows price gougers to obtain the higher prices in the first place.

 

[The Rabbi]

Sorry, I got my terminology mixed up.

What I meant to say was that during an emergency like Sandy, the market price does not reflect the actual market value.

"Value" is determined by what people are willing to pay for things.
A Market is a system of buyers and sellers trading things.
A market price is what sellers are willing to sell for and buyers are willing to buy for.
Thus there is no difference between "value" and market price.

Your posts are increasingly silly.

There is no difference between market price and market value only when the market is efficient and the participants are rational.

Wrong. I just demonstrated that a market is what buyers are willing to buy for and sellers are willing to sell for. Therefore any time you have sales you have a market.

 

[bripat9643]

The term "market price" lacks meaning in the temporary monopolies created during states of large scale emergency.

Wrong. Wherever buying and selling occurs, you have a market.

 

[OohPooPahDoo]

"Value" is determined by what people are willing to pay for things.
A Market is a system of buyers and sellers trading things.
A market price is what sellers are willing to sell for and buyers are willing to buy for.
Thus there is no difference between "value" and market price.

Your posts are increasingly silly.

There is no difference between market price and market value only when the market is efficient and the participants are rational.

Wrong. I just demonstrated that a market is what buyers are willing to buy for and sellers are willing to sell for. Therefore any time you have sales you have a market.

Wrong? Market value equals market price when the market is efficient and rational by definition. Market value means the market price when the market is efficient and the players rational.

In economics, market price is the economic price for which a good or service is offered in the marketplace. It is of interest mainly in the study of microeconomics.Market value and market price are equal only under conditions of market efficiency, equilibrium, and rational expectations.
Market price - Wikipedia, the free encyclopedia

Its kinda hard to have a conversation with someone that's just going to make up different meanings for terms than what is commonly understood!

 

[OohPooPahDoo]

The term "market price" lacks meaning in the temporary monopolies created during states of large scale emergency.

Wrong. Wherever buying and selling occurs, you have a market.

Really? So when a Communist stands in line to buy bread from his government, that's a "market" according to you? And according to you - whatever price he pays is the fair market value of that bread?

 

[The Rabbi]

There is no difference between market price and market value only when the market is efficient and the participants are rational.

Wrong. I just demonstrated that a market is what buyers are willing to buy for and sellers are willing to sell for. Therefore any time you have sales you have a market.

Wrong? Market value equals market price when the market is efficient and rational by definition. Market value means the market price when the market is efficient and the players rational.

In economics, market price is the economic price for which a good or service is offered in the marketplace. It is of interest mainly in the study of microeconomics.Market value and market price are equal only under conditions of market efficiency, equilibrium, and rational expectations.
Market price - Wikipedia, the free encyclopedia

Its kinda hard to have a conversation with someone that's just going to make up different meanings for terms than what is commonly understood!

You've supported what I wrote.
The market is efficient and rational when sellers raise prices against a shortage. It is gov't control, i.e. anti gouging laws, that make the market inefficient and irrational.
QED.
You really need to give this up.

 

[OohPooPahDoo]

Wrong. I just demonstrated that a market is what buyers are willing to buy for and sellers are willing to sell for. Therefore any time you have sales you have a market.

Wrong? Market value equals market price when the market is efficient and rational by definition. Market value means the market price when the market is efficient and the players rational.

In economics, market price is the economic price for which a good or service is offered in the marketplace. It is of interest mainly in the study of microeconomics.Market value and market price are equal only under conditions of market efficiency, equilibrium, and rational expectations.
Market price - Wikipedia, the free encyclopedia

Its kinda hard to have a conversation with someone that's just going to make up different meanings for terms than what is commonly understood!

You've supported what I wrote.
The market is efficient and rational when sellers raise prices against a shortage.

You're not using the same definition of market efficiency that the rest of the world uses, and you're entirely neglecting the question of whether the buyers are rational.

 

[The Rabbi]

Wrong? Market value equals market price when the market is efficient and rational by definition. Market value means the market price when the market is efficient and the players rational.




Its kinda hard to have a conversation with someone that's just going to make up different meanings for terms than what is commonly understood!

You've supported what I wrote.
The market is efficient and rational when sellers raise prices against a shortage.

You're not using the same definition of market efficiency that the rest of the world uses, and you're entirely neglecting the question of whether the buyers are rational.

Of course I am. The market for gasoline would have been efficient had gov't not imposed price controls.

 

[OohPooPahDoo]

You've supported what I wrllote.
The market is efficient and rational when sellers raise prices against a shortage.

You're not using the same definition of market efficiency that the rest of the world uses, and you're entirely neglecting the question of whether the buyers are rational.

Of course I am. The market for gasoline would have been efficient had gov't not imposed price controls.

The government didn't cause the hurricane you idiot.
And you're still entirely neglecting the question of whether the buyers are rational. When buyers (and/or sellers) are behaving irrationally market price does not reflect market value.

 

[Againsheila]

Capitalist pigs at their finest. So much for the private sector giving a shit about the down and out citizens.





N.J. charges 8 merchants with gouging after Sandy* - Business on NBCNews.com

New Jersey has filed lawsuits against eight businesses for allegedly gouging customers with exorbitant prices in the days after Superstorm Sandy roared ashore, the state's attorney general said Friday.

This just underscores the need to be prepared for any emergency. I'm worried right now as I don't have enough wood to last for more than a week if we have problems here, which isn't likely, I bought 1/2 chord almost 20 years ago and I still have wood left. I'm thinking it's time to buy another 1/2 chord. We have a wood stove but we can only use it when it's our only source of heat. It heats up this house better than the furnace, except for the bedrooms. We've only burned it when we've been out of power, but it's come in really handy a few times over the years. We're also stock piling enough food to last us a year. Working on having everything we'd need over a year around just is case. Of course, it's a work in progress. Even my car has enough food and water in it to last us three days, and if you have one candle burning in your car and crack a window, it's enough to keep you warm. Of course, the emergency food cubes and foil water pouches only last 5 years so they'll have to be replaced every 5 years. Everything else in my kit pretty much keeps forever. They should be teaching our kids things like this is school. What to put in an emergency kit and why it's necessary. My kid doesn't know it, but he's getting an emergency kit for Christmas, it even comes with a solar panel that will charge his cell phone. Doesn't have a radio though, I can't afford the type I'd like him to have in his emergency kit. We have one for the house.

 

[The Rabbi]

You're not using the same definition of market efficiency that the rest of the world uses, and you're entirely neglecting the question of whether the buyers are rational.

Of course I am. The market for gasoline would have been efficient had gov't not imposed price controls.

The government didn't cause the hurricane you idiot.
And you're still entirely neglecting the question of whether the buyers are rational. When buyers (and/or sellers) are behaving irrationally market price does not reflect market value.

No, but they did cause the rationing and price controls, eliminating a rational market. Of course the buyers were rational, under the circumstances. What do you think?

 

[OohPooPahDoo]

Of course I am. The market for gasoline would have been efficient had gov't not imposed price controls.

The government didn't cause the hurricane you idiot.
And you're still entirely neglecting the question of whether the buyers are rational. When buyers (and/or sellers) are behaving irrationally market price does not reflect market value.

No, but they did cause the rationing and price controls, eliminating a rational market. Of course the buyers were rational, under the circumstances. What do you think?

Natural disaster caused the irrational behavior you dolt.

 

[The Rabbi]

The government didn't cause the hurricane you idiot.
And you're still entirely neglecting the question of whether the buyers are rational. When buyers (and/or sellers) are behaving irrationally market price does not reflect market value.

No, but they did cause the rationing and price controls, eliminating a rational market. Of course the buyers were rational, under the circumstances. What do you think?

Natural disaster caused the irrational behavior you dolt.

What is irrational about wanting to buy a needed commodity that you anticipate will be in short supply? Sounds pretty rational to me.
Of course since you're fucking stupid not much of this will make sense.

 

[LibertyLemming]

No, but they did cause the rationing and price controls, eliminating a rational market. Of course the buyers were rational, under the circumstances. What do you think?

Natural disaster caused the irrational behavior you dolt.

What is irrational about wanting to buy a needed commodity that you anticipate will be in short supply? Sounds pretty rational to me.
Of course since you're fucking stupid not much of this will make sense.

This. Some people planned ahead and now would be at a financial advantage because they were smarter than other people but good ole government doesn't allow people to get ahead anymore, it's unfair.


Shit, Romney got DEMONIZED for being successful by the current administration as if that isn't something all Americans should strive for....

 

[The Rabbi]

Democrats worship failure because it's an excuse to start another gov't program.