Felix Salmon wonders why some restaurants don't take reservations:
In theory, a no-reservations policy creates, in economic terms, a huge price hike for the restaurant's customers: The cost of their wasted time and increased inconvenience has to be added to the amount at the bottom of the check. Such a policy should therefore result in less business for the eatery in question. In practice, however, things seem to work the other way: The more that a restaurant makes its customers wait, the more popular it becomes.
If we're not talking about luxury Veblen goods here — and, clearly, we aren't — then what explains this phenomenon?
Part of his answer: "once you've waited an hour and half just to be seated in a restaurant, you're going to be more excited to eat its food".
The Dish 