May

19

Jim LorieDirect marketing studies of numerous goods offered for sale by mail with prices such as 299, 399, or you the customer pay what you think it's worth show that revenues are maximized with the option. It reduces the consumer surplus by letting the customer say what its worth to him as compared to the marginal cost of the last customer to sell to. The studies I believe are referenced in Lorie and Roberts' book on marketing.

I thought much about Jim Lorie as i walked the mountain trails of Denver as he wanted most of all to be a cattle rancher, and loved his horse. He started so many of the fields of modern finance including index funds and efficient markets with the data base. Many owe their entire careers to him including me, and he was a man like Artie who was a second father to so many. Artie and he met and we had a steak at Gallaghers before my first national singles tournament I won. They were two peas in a pod.


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