Markets and Reputations vs Shenanigans (opens in new tab)

Why do factory seals matter? If you look at trading cards on eBay, you’ll find that factory-sealed sets, packs, and boxes command a premium over anything opened. If you have listened to any episode of EconTalk featuring Michael Munger, you will know that “the answer is transaction costs.” You probably understand why: the factory seal […] The post Markets and Reputations vs Shenanigans appeared first on Econlib.