The benefits of variety also help explain why many people are willing to pay more to live in big cities. Thanks to greater variety, urban dwellers get more for their money.
Professor Weinstein, who used to teach at the University of Michigan, explains it this way: “In Ann Arbor, you have maybe a dozen good restaurants to choose from, and in New York you probably have several thousand good restaurants to choose from. Yet when you compute the price of a meal, you don’t take that at all into account.”
> NYTimes: “The economic value of variety”
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