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Planet Money

All you can eat economics

Planet Money

NPR

Business, News

4.629.8K Ratings

🗓️ 27 October 2023

⏱️ 26 minutes

🧾️ Download transcript

Summary

You might expect to find economic concepts in the pages of an economics textbook. But you know where you can really see a lot of economic concepts in action? Buffets.

Here at Planet Money we believe there's a lot of economics going on at the all-you-eat buffet, tucked in between the mountains of brisket and troughs of mashed potatoes. From classic concepts like adverse selection, sunk costs, diminishing marginal returns, to more exotic economic mysteries, like the flat rate pricing bias.

Today on the show, we're headed to the place where the modern buffet may have been born: Las Vegas. Our mission? To feast ourselves on all the economics we can handle at the all-you-can-eat buffet. And along the way, an economist and fellow buffet-lover will teach us his hyper-rational strategy for optimizing his buffet experience.

Today's show was produced by James Sneed and Nick Fountain with help from Emma Peaslee. It was edited by Jess Jiang, engineered by James Willetts, and fact-checked by Sierra Juarez. Alex Goldmark is our executive producer.

Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in
Apple Podcasts or at plus.npr.org/planetmoney.

Transcript

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0:00.0

This message comes from NPR Sponsor, Barclays Corporate and Investment Bank,

0:04.9

powering sustainable growth in a changing world,

0:07.7

powering financial solutions that transform industries,

0:11.1

Barclays Corporate and Investment Bank, powering Possible.

0:15.6

This is Planet Money from NPR.

0:21.6

A few weeks ago, we went to Vegas.

0:24.1

We wrote a rollercoaster that went through a hotel.

0:28.0

It's just terrifying.

0:29.0

You're terrified.

0:31.6

That guy's not terrified.

0:32.8

That guy's not terrified.

0:34.0

That guy's just ready.

0:35.2

We gambled?

0:36.5

We played the penny slots?

0:38.5

Here we go.

0:41.5

Oh!

0:42.5

Oh my god, we got something.

0:43.5

Holy crap.

0:45.5

We just won a dollar.

0:48.5

We won a dollar?

0:49.5

And $27.

0:50.5

Do it again.

...

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