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Originally Posted by ADL Colin
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Very cool - I studied economics and math in school, but not at a masters/doctorate level.. so I tend to have these uresearched theories that I know have been studied by someone.. somwhere.. .but just haven't found yet.
I named it the "Familiarity Paradox"
It's so true though, people feel like they should understand the price of the gas they put in their car everyday.. but, really.. they don't.. and most don't even have the capacity to underdstand at all. Hence all the layman's "conspiracy" or "price gouging" theories.. they just project what they do know into it.. so, since most people have a simplistic view of the economy.. they reflect that onto a complex market like Gasoline. They understand things on a transactional level..
I think people actually believe there is a secret room somewhere.. where a bunch of people sit around and adjust the price of gas at their gas stations to make the most profit.. or that gas station retailers somehow control the price of gasoline.. even though they are just retailers.. the lowest rung on the totem pole.