Plus: Bad To The Blade Bone
A few columns ago, we introduced Luke Chen’s Chimps In Pants (CHIPS) Theory to help explain why we, with our enormous brains and upright stature, tend to make such dumb decisions about food (and nearly everything else, but we’ll stick with food for now).
The August 26 edition of The New Yorker features a column by James Surowiecki on CHIPS in action: The phenomenon of counter-intuitive pricing on restaurant menus, specifically, for the cost of lobster.
Tell us about it: Earlier this year we reported on the appearance of lobster at fast food restaurants – such as the Quizno’s Lobster & Seafood Salad Sub – driven by the recent surge in lobster harvests and the corresponding drop in prices.
As Surowiecki reports, freshly-caught lobster “is selling for as low as $2.20 a pound.” Yet menu prices at high-end restaurants have not fallen. Lobster seems to resist the usual effect of excess supply in the market. Local Chicago restaurants, for example, still list lobster at a premium:
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Posted on August 26, 2013