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Excerpt from The Wall Street Journal -- "In late 2007, India banned rice exports. Worries about global rice shortages ensued. The U.S. had plenty of rice, but people nonetheless began to hoard, emptying store shelves. An analysis conducted by economists Harrison Hong, Áureo de Paula, Vishal Singh and Christopher Hansman found that prices among reputable retailers were slow to adjust higher, perhaps because the merchants didn’t want to be accused of gouging. Higher-income consumers hoarded more, perhaps because they had greater means, or because they were more attuned to the news on rice shortages."

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