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Panic Buying begets Panic Buying
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Originally posted by Mountain Man View Post
Buying enough bottled water for a week is, I think, reasonable. Buying enough bottled water for 6-months is irrational.
6 months...... Irrational fear.
What kind of guidance is that? What about a shopper who buys water each month for a whole month? So on a shortage s/he buys for two months? How will you pass judgement there?
And you never did tell us what you would buy of the water display was being emptied in front of you.
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There's a guy I knew in California who always had something like 10 bottles of the huge Sparkletts Drinking water stored in his garage - in case of a catastrophic earthquake. He didn't buy them all at once, and I'm not sure how long they would last, maybe 6 months. Of course, water from your water heater should be potable. Mine is 20 gallon.
water.jpgLast edited by Ronson; 05-20-2021, 09:52 AM.
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Originally posted by eider View Post
1 week ..... You decide is reasonable.
6 months...... Irrational fear.
What kind of guidance is that? What about a shopper who buys water each month for a whole month? So on a shortage s/he buys for two months? How will you pass judgement there?
And you never did tell us what you would buy of the water display was being emptied in front of you.Last edited by Mountain Man; 05-20-2021, 11:05 AM.Some may call me foolish, and some may call me odd
But I'd rather be a fool in the eyes of man
Than a fool in the eyes of God
From "Fools Gold" by Petra
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Originally posted by Ronson View PostThere's a guy I knew in California who always had something like 10 bottles of the huge Sparkletts Drinking water stored in his garage - in case of a catastrophic earthquake. He didn't buy them all at once, and I'm not sure how long they would last, maybe 6 months. Of course, water from your water heater should be potable. Mine is 20 gallon.
water.jpgSome may call me foolish, and some may call me odd
But I'd rather be a fool in the eyes of man
Than a fool in the eyes of God
From "Fools Gold" by Petra
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Originally posted by Teallaura View PostEr, kinda depends. Panicky buyers with credit cards would have to see stratospheric prices before they would curb their spending
2. Surely their panic is greater for shorter terms (e.g. being without toilet paper next week) and less for longer terms (e.g. being without toilet paper next month. even less for 6 months from now, and so on). They value the toilet-paper-1-year-from-now is less. At a given price, they'll have some cutoff. The panic-buyer who buys 1/4 of what's on the shelf still made a tradeoff decision (could have bought 1/2 of the shelf). At twice the price, their cutoff would likely have been different.
Originally posted by Teallaura- and that would just hurt anyone who doesn't have the financial resources to make even reasonable purchases.
In the case of just a vicious cycle of panic buying, then the price rise puts a stop to the vicious cycle, which is caused by fear that the shelves will be empty when you will need it. When the store shows that it can maintain supply, the panic cycle stops, and more people will delay purchase (and be more conservative with their current supply) in hopes their current supply will outlast the spike in price. So the "stratospheric" price would be short-lived.
There are other ways it helps shorten the duration and severity of the crisis: A higher price incentivizes (and provides the required knowledge for) increasing the supply of the good, shipping it to where demand is highest, allocating more storage space to the good.
Buy your stuff on sale and remember that you can freeze almost anything!
If high-demand events can at all be anticipated (even just the general knowledge that emergencies sometimes happen), then the ability to raise price incentivizes some people/businesses to stock up on-sale during normal times, so they can sell during the high-demand event. And that makes the emergency less severe. (Good speculators make markets more stable.) Anti-price-gouging laws (and anti-price-gouging sentiment among the public) reduces such behavior.
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