In this issue:

• Collectibles, Fractional Status, and Fragmented Funding

• Vaccine!

• Amazon and Labor Price Discrimination

• The Slow, Subjective Pension Cut

• A Test Case for Yelp Moderation

• Ads and Surplus Capture

Collectibles, Fractional Status, and Fragmented Funding

Investing decisions are never purely about financial returns. There’s always an element of status-s…