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Price information – The daily blog of behavioral and cognitive economics

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Price information – The daily blog of behavioral and cognitive economics

Why Two Melons Can Cost $36,000

Last week in Japan, a fruit and vegetable wholesaler paid a record ¥5.8 million (USD$36,487.28) for two of the 912 Yubari melons that bidders hoped to purchase at the Sapporo Central Wholesale Market’s auction: Explaining the daily attention he gives to growing his melons, one farmer says he never takes a vacation. To be sure that they won’t share nutrients, he plucks multiple melons from the vine until just one remains. Then, in greenhouses that guarantee ideal growing conditions, he massages his melons to create perfect spheres and optimal netting. ….[READ]

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