Seinfeld: The Barber
1m 1s
game theory
competition
cost-benefit analysis
dominant strategy
Jerry gets a bad haircut but refuses to change barbers because he is loyal. Eventually, he is convinced to leave his barber of 12 years for the barber's nephew. Bad quality doesn't persist in the marketplace; it is competed away. Perhaps the answer to bad haircuts is not more regulation, but more competition.
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