In a forthcoming article, Jeremy Bulow of Stanford Business School and Paul Klemperer of Oxford University use theory to show that such price caps mean those who value a good most do not necessarily get it.

ECONOMIST: Banning hosepipe use is a poor solution to a water shortage

Mr Smith said despite the lowest turnout in 25 years he was confident the show still offered an "exceptional" day out and was good value for money.

BBC: Aerial view of Royal Norfolk Show 2011

We have a really good model by which we can take established players and show companies value through them.

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