Actuarial Outpost
 
Go Back   Actuarial Outpost > Cyberchat > Non-Actuarial Topics
FlashChat Actuarial Discussion Preliminary Exams CAS/SOA Exams Cyberchat Around the World Suggestions

DW Simpson
Actuarial Jobs

Visit our site for the most up to date jobs for actuaries.

Actuarial Salary Surveys
Property & Casualty, Health, Life, Pension and Non-Tradtional Jobs.

Actuarial Meeting Schedule
Browse this year's meetings and which recruiters will attend.

Contact DW Simpson
Have a question?
Let's talk.
You'll be glad you did.


Reply
 
Thread Tools Search this Thread Display Modes
  #1  
Old 03-14-2020, 09:27 PM
Colonel Smoothie's Avatar
Colonel Smoothie Colonel Smoothie is offline
Member
CAS
 
Join Date: Sep 2010
College: Jamba Juice University
Favorite beer: AO Amber Ale
Posts: 50,434
Default Is price gouging the morally right thing to do?

I'm confused by the sentiments on social media shaming people and stores for gouging or reselling this or that wad of toilet paper or whatever during the epidemic. Sounds like shops are being punished for doing the right thing.

It seems like the best way to get producers to produce more of something during a crisis is to raise prices, otherwise you just kind of run out of stuff and people are left empty handed.

Would people rather not have what they need as long as rich people can't have it either? I don't really get it.
__________________
Recommended Readings for the EL Actuary || Recommended Readings for the EB Actuary

Quote:
Originally Posted by Wigmeister General View Post
Don't you even think about sending me your resume. I'll turn it into an origami boulder and return it to you.

Last edited by Colonel Smoothie; 03-14-2020 at 09:31 PM..
Reply With Quote
  #2  
Old 03-14-2020, 09:58 PM
Shish-Kabalah Shish-Kabalah is offline
Member
CAS
 
Join Date: Feb 2020
Posts: 99
Default

Dude people are dying.
Reply With Quote
  #3  
Old 03-14-2020, 10:13 PM
Whiskey's Avatar
Whiskey Whiskey is offline
Member
CAS
 
Join Date: Jul 2008
Studying for nothing at all
Posts: 41,629
Default

Quote:
Originally Posted by Shish-Kabalah View Post
Dude people are dying.
__________________
Whiskey "on tap" - 12/31/15
Spoiler:

Bourbon(16)
Pappy Van Winkle-Family Reserve 15yr & lot "B" 12yr
Baker's 7yr
Blanton's
Knob Creek - 9yr
Basil Hayden
Maker's Mark - 46 & Cask Strength
Woodford Reserve
Jack Daniel's-Gentleman Jack, Single Barrel & Old #7
Four Roses Small Batch
Noah's Mill
Kirkland Bourbon - 7yr

Rye(6)
Angle Envy's - Finished Rye
Ravenswood Rye
Bulleit
High West - Double Rye
Whistle Pig - 10 yr
Old Overholt

Scotch(4)
Glenfiddich - The Distiller's Edition
Tomatin 12yr
The Dimple Pinch - 15 yr
Dewar's White Label

Irish(6)

Middleton Very Rare
Redbreast 12yr
Bushmill - Single Malt 16 yr
Connemarai
Jameson - Caskmates Stout and Regular
Reply With Quote
  #4  
Old 03-14-2020, 10:22 PM
SlowMotionWalter's Avatar
SlowMotionWalter SlowMotionWalter is offline
Member
CAS
 
Join Date: Jun 2013
Posts: 14,236
Default

Quote:
Originally Posted by Shish-Kabalah View Post
Dude people are dying.
Maybe CS wasn't aware there is a pandemic and he's just speaking hypotheticals.
__________________
Quote:
Originally Posted by bigb View Post
You should learn to communicate in a serious manner before you expect a serious answer.
Spoiler:
Quote:
Originally Posted by Kangaz wit Attitude View Post
Force of habit, 2pac's been typing "88" a LOT since Trump got elected.
Quote:
Originally Posted by JMO View Post
You ought to see the bush. It's impressive.
Quote:
Originally Posted by Pikachu
10:53 pm: some ppl dont take advices well
Quote:
Originally Posted by mayo fan
9:45 pm: ao fan would be hot covered in mayo!
Quote:
Originally Posted by Snikelfritz
if you'd like I can come visit and dress up like a girl and get in some fights
Quote:
Originally Posted by Kaner3339 View Post
i think everyone needs to do this type of thing to get a dose of reality and straighten people up. it's kinda like going to the mountains and becoming a monk except it's with hundreds of potatoes and a lot of stoners with tattoos in a kitchen
Reply With Quote
  #5  
Old 03-14-2020, 10:24 PM
Whiskey's Avatar
Whiskey Whiskey is offline
Member
CAS
 
Join Date: Jul 2008
Studying for nothing at all
Posts: 41,629
Default

Quote:
Originally Posted by SlowMotionWalter View Post
Maybe CS wasn't aware there is a pandemic and he's just speaking hypotheticals.
No, this is just CS being CS
Read the OP
__________________
Whiskey "on tap" - 12/31/15
Spoiler:

Bourbon(16)
Pappy Van Winkle-Family Reserve 15yr & lot "B" 12yr
Baker's 7yr
Blanton's
Knob Creek - 9yr
Basil Hayden
Maker's Mark - 46 & Cask Strength
Woodford Reserve
Jack Daniel's-Gentleman Jack, Single Barrel & Old #7
Four Roses Small Batch
Noah's Mill
Kirkland Bourbon - 7yr

Rye(6)
Angle Envy's - Finished Rye
Ravenswood Rye
Bulleit
High West - Double Rye
Whistle Pig - 10 yr
Old Overholt

Scotch(4)
Glenfiddich - The Distiller's Edition
Tomatin 12yr
The Dimple Pinch - 15 yr
Dewar's White Label

Irish(6)

Middleton Very Rare
Redbreast 12yr
Bushmill - Single Malt 16 yr
Connemarai
Jameson - Caskmates Stout and Regular
Reply With Quote
  #6  
Old 03-14-2020, 10:26 PM
Colonel Smoothie's Avatar
Colonel Smoothie Colonel Smoothie is offline
Member
CAS
 
Join Date: Sep 2010
College: Jamba Juice University
Favorite beer: AO Amber Ale
Posts: 50,434
Default

Quote:
Originally Posted by Shish-Kabalah View Post
Dude people are dying.
The toilet paper factory isn't going to make more toilet paper unless prices rise. They might have to install another production line to meet crisis demand and a higher price will incentivize them to do so.

The alternative is that the toilet paper just doesn't get made and nobody gets any other then those who bought first.
__________________
Recommended Readings for the EL Actuary || Recommended Readings for the EB Actuary

Quote:
Originally Posted by Wigmeister General View Post
Don't you even think about sending me your resume. I'll turn it into an origami boulder and return it to you.
Reply With Quote
  #7  
Old 03-14-2020, 10:48 PM
soyleche's Avatar
soyleche soyleche is offline
Member
SOA AAA
 
Join Date: Apr 2005
Posts: 17,753
Default

Quote:
Originally Posted by Colonel Smoothie View Post
The toilet paper factory isn't going to make more toilet paper unless prices rise. They might have to install another production line to meet crisis demand and a higher price will incentivize them to do so.

The alternative is that the toilet paper just doesn't get made and nobody gets any other then those who bought first.
The amount of toilet paper made isnít the problem. And making more than normal isnít going to fix the problem.

In the next couple of weeks or months there will be a vast stockpile of tp since people will be buying less of it than normal for a while.
__________________
I'll never again say that I could never enjoy Bieber sung by a bunch of Mormons - Ben Folds
Reply With Quote
  #8  
Old 03-14-2020, 10:54 PM
Colonel Smoothie's Avatar
Colonel Smoothie Colonel Smoothie is offline
Member
CAS
 
Join Date: Sep 2010
College: Jamba Juice University
Favorite beer: AO Amber Ale
Posts: 50,434
Default

Quote:
Originally Posted by soyleche View Post
The amount of toilet paper made isnít the problem. And making more than normal isnít going to fix the problem.

In the next couple of weeks or months there will be a vast stockpile of tp since people will be buying less of it than normal for a while.
Just think of toilet paper as a variable, one that can be replaced with any good in short supply, like...insulin or something.
__________________
Recommended Readings for the EL Actuary || Recommended Readings for the EB Actuary

Quote:
Originally Posted by Wigmeister General View Post
Don't you even think about sending me your resume. I'll turn it into an origami boulder and return it to you.
Reply With Quote
  #9  
Old 03-14-2020, 11:02 PM
soyleche's Avatar
soyleche soyleche is offline
Member
SOA AAA
 
Join Date: Apr 2005
Posts: 17,753
Default

Quote:
Originally Posted by Colonel Smoothie View Post
Just think of toilet paper as a variable, one that can be replaced with any good in short supply, like...insulin or something.
Maybe if we are talking about some sort of localized demand shock. Like generators after a hurricane or something. Higher prices may well bring a higher supply in a reasonably timely manner then.
__________________
I'll never again say that I could never enjoy Bieber sung by a bunch of Mormons - Ben Folds
Reply With Quote
  #10  
Old 03-14-2020, 11:21 PM
BlackPhillip BlackPhillip is offline
Member
Non-Actuary
 
Join Date: Jan 2019
Posts: 1,645
Default

Quote:
Originally Posted by Colonel Smoothie View Post
Just think of toilet paper as a variable, one that can be replaced with any good in short supply, like...insulin or something.

It is taboo for the individual to emulate the actions exclusive to the corporation.
Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


All times are GMT -4. The time now is 05:08 AM.


Powered by vBulletin®
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.
*PLEASE NOTE: Posts are not checked for accuracy, and do not
represent the views of the Actuarial Outpost or its sponsors.
Page generated in 0.27806 seconds with 9 queries