The Economics of Ice Cream Revisited - this Time with Turkey

Long time readers may remember a post I made awhile back about why ice cream prices don't rise during the summer (or equivalently, don't fall during the winter) like we'd expect. Well, an article in the New York Times by the always interesting Catherine Rampell tackles the same question, this time from the perspective of cheap turkey around Thanksgiving.

Rampell touches on a number of theories for why we observe this kind of pricing behavior, including the one mentioned in the paper I discuss in my post. As Rampell writes:

Consumers might get more price-sensitive during periods of peak demand and do more comparison-shopping, so stores have to drop their prices if they want to capture sales. 

All the other reasons she discusses are plausible and interesting as well. Give it a read.

Only at LSE

Just wanted to share a few conversations I've had over the past few days that are pretty unique to the atmosphere at LSE...

1. A heated argument about QE in the US. One of my friends suggested that the Fed should've stopped with QE1, and thems fightin' words.
2. A discussion over the validity of purchasing power parity methods for comparing international GDP. Do all those 2$ a day statistics about global poverty take purchasing power parity into account?
3. A geek session about Scott Sumner and unorthodox monetary policy. Forward guidance? Psssshhhhh get back to me when we have some NGDP targeting!
4. Yet another heated argument, this time about the suitability of Germany's export strategy for long term growth. And with a German, no less! I wasn't directly involved in this one, but it did go on for a good fifteen minutes.

Wrapping a few things up

Before I switch this blog over to all London all the time, I should take care of a few loose ends from back in the States.

First, AidGrade has updated their website. I encourage you to play around with their meta-analysis app, it's got some fun information on it. There are still more updates on the way. They are still working on putting up quite a few meta-analyses, including some that I was working on such as HIV education. I'm most excited for when they add the feature for downloading their full data. There are lots of details from these meta-analyses that you can't see in the app. That data is what will be most useful to researchers and non-profits looking to direct substantial donations. AidGrade is also making an appeal through Indiegogo, a Kickstarteresque website. If you are looking to support an organization that supports making aid more effective, I encourage you to contribute. You can also support AidGrade by donating at least $12.99 ($16.99 if you're outside the US) for which you will receive a copy of the book "What Works in Development", covering AidGrade's first ten meta-analyses.

Second, my research project with my fellow K students ended in September. We decided to investigate the viability of installing solar panels on K's campus. Our conclusion was that solar panels would not be a cost effective investment for the campus. Furthermore, the environmental benefits do not seem to justify the economic costs, and there are likely more effective environmental investments K could engage in. The project was loads of fun, and I count myself fortunate to have been able to work with such intelligent and inquisitive peers. Interdisciplinary research was a very unique experience, and I recommend it to anyone interested in research. But it can be exhausting and difficult! Still, it opens your eyes to other perspectives outside your field. I'm very proud that our team stuck by our conclusion. We all wanted to be able to recommend solar panels for K and see the array built, but that's just not what our analysis suggested. If you want to read our report, check out our tumblr. There, you can read our business plan, the article on our findings we published in the student newspaper The Index, and our cash flow analysis. If you have any comments or questions about our findings, I encourage you to leave them on the tumblr.

The Hunter Grayleer

Although I'm a little late to the party, I want to direct your attention to The Hunter Grayleer by Alex Billedeaux. As I'm sure most of you know, Alex and I have been friends for a long time, and I can't describe how proud I am to see my Alex's work out in the public. I remember playing games with Alex during recess in elementary school. My primary concern was always how the game worked while Alex focused on the characters and world. I can see the creativity I've always known in Alex in The Hunter Grayleer.

Unfortunately, a mountain of assigned reading for my history of Russia and economic history of Africa courses means that I'm only 2/3 of the way through Grayleer, but so far it is excellent. I will be sure to post a full review once I am finished. I encourage you to purchase the book, it is available in a number of formats. You won't regret it. Also, if you're interested in writing, Alex keeps a blog that will you see a link for on the right under my "things I read" section.

My Parents and Riley in London

Once again, I'm sorry it's taken me so long to update. I've made a promise to blog once a week, so my posts should be more regular.

Last week (November 3rd to 10th), both my parents AND Riley visited me! Even though I've been in London for just over a month, I was happy to see my parents and girlfriend. Plus, it was a great chance to explore more of the city. I made sure to get ahead on my work so I could spend time with my visitors.

View from atop St. Paul's 

My parents arrived first on Tuesday. We had dinner in Soho (my first time really exploring that neighborhood) and grabbed some gelato. My gelato was described as having pig's blood in it, and the server assured me it was actual pig's blood. I thought the flavor was quite tasty. On Wednesday night, we saw the musical War Horse. It's based on the movie and book of the same name, although I'm familiar with neither. The most impressive part was the "puppet" they used for the horse. Three actors controlled a giant wooden horse frame by standing underneath it. They moved the legs and head, doing a terrific job of making you see the horse as a character and forget the actors underneath. We also saw St. Paul's Cathedral, which remains my favorite destination in London. Although it costs a bit to tour, the fee is well worth it. In addition to stunning architecture, you can ascend to the top of the dome, providing a commanding view of the city. I might attend a service at some point, as they have an amazing pipe organ and choir (plus it's free when you're coming to worship!)

With my mom! Photo credit dad

With my dad! Photo credit mom

Riley arrived from Germany on Thursday, and despite our lack of working telephones and internet, we managed to find each other at the train station. Riley came to my swing dance class with me on Thursday night. Although we couldn't find a club hosting swing dancing after the lesson, it was fun to dance with her again after all this time! On Friday, we met back up with my parents for more touristy fun. We visited Twinings Tea, one of Britain's oldest tea suppliers. A knowledgeable hostess offered us free tea samples and shared the history of tea in Britain and facts about tea in general. We learned about the role of tea in the Opium War in China as well as the secret to why Brits prefer milk with their tea. Apparently, when tea was first introduced on the island, most people could only afford very crappy stuff. As a result, they had to drown it in milk and sugar to make it palatable. By the time it reached other countries in the western world, quality had improved, but British taste stayed the same. I picked up a good English black tea, but I'll have to return to purchase one of their more unique teas. We then stopped by the Cheshire Cheese, a historic pub in London, and my favorite so far. The pub had a cozy atmosphere, and we ended up getting into a conversation with some locals sitting next to us. It seemed like a place where Londoners come to relax after work. Next, we headed to the iconic London Eye. I was expecting to be a little bored, but I ended up enjoying the experience more than I expected. The rotation doesn't take as long as some people warn, and if you go up on a clear night there really is plenty to see. Finally, we had dinner at the Indian restaurant Mint Leaf. Unlike most Indian restaurants which are full of thick curries, Mint Leaf carried a wider variety of dishes. Although it wasn't the kind of food we were expecting, it was still delicious and a different way to experience Indian cuisine.

At Twinings Tea. Photo credit mom

My parents departed on Saturday morning while Riley stayed for the weekend. On Saturday, Riley and I visited the Portobello Road Market (yes, for you Bedknobs and Broomsticks fans out there, it's that Portobello Road). It had a fun flea market atmosphere with plenty to look at, but you won't find many deals (it is still London and a huge tourist attraction). However, right as Riley and I turned around, a baker that was closing for the day dropped their prices drastically to sell their remaining pastries; 2 large and delicious donuts or cupcakes for a pound! Needless to say, Riley and I loaded up. We then went to Chinatown to meet some friends for dinner. It was great for Riley and my friends here at LSE to meet over some delicious roast duck. Riley and I then went to Once the Musical, based on the movie. Even though it was my second musical in four days, I still loved it! War Horse was more theatrical than Once, relying heavily on a large ensemble and intricate props. Once was more focused on the music, with almost all the sounds coming directly from the actors onstage using guitars, drums, and violins. I thought they adapted the film well, giving it some needed spicing up to make it more interesting on stage while still retaining the great music.

At Portobello Road

The stage of Once the Musical. Photo credit Riley 

Of all the days that I've been in London, Sunday was the most beautiful yet. The sun was up the whole time and it didn't rain at all. For London, that's a rare achievement. Riley and I decided to take advantage of the nice weather by exploring. We picked up a curry lunch box (a great deal at 3.50) from my favorite Indian restaurant and saw a bit of Covent Gardens. Then, we walked down to Trafalgar Square and ate our lunch sitting beneath the giant spire. It amazed me how beautiful the square was with the sun shining! It's sad that, because of its crappy weather, London can't express its full beauty more often. Our meal finished, we strolled to St. James Park, which proved to be an unexpected treat. Besides being beautiful, the park also features a host of eccentric animals. I've seen squirrels that are familiar with people before, but never anything like what Riley and I witnessed at the park. The squirrels at St. James will run up and hug people's legs if they have food and eat right out of their hand. There were also a large number of exotic birds. Apparently, there's a tradition for foreign ambassadors to gift birds from their countries to St. James Park. Riley and I even spotted a black swan, and I'm not talking about the book. We spent some time by a peaceful lake watching an older British man throwing sardines to waterfowl. With great weather, company, and surroundings, it was a perfect day.

A view from Trafalgar Square 

At St. James Park 

It really was a gorgeous day 

Riley sitting beneath the spire in Trafalgar Square enjoying a boxed Indian Lunch. You can see the National Gallery across the way, we stopped in for a bit. Photo credit Riley 

Riley and I at Trafalgar Square. Photo credit Riley 

Everyone has been gone for over a week now, and my nose has been back to the grindstone. Even though I'm a little sad to be on my own again, I am glad that my visitors reminded me of how many great things there are to do in London!

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