Standing on a Dock by the Bay

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A bit of an abnormal rush hour ferry line. This would be a day where the cost of the ride may be less than the cost of the wait. Yet this orderly queue would indicate one’s location in line does not include transfer or sell rights, much less a low cost way of engaging in exchange.

All in all, there are worse places to wait.

Randy Avalostransaction cost, transport, ferry, law, coordination costs, Non Price Rationing, San Francisco, volatility