How to conduct textbook arbitrage

“On my campus, there are students who’ll buy a psychology textbook that’s selling new at the bookstore for $160, buy it online for $26 and sell it back to the store for $69. A lot of kids are making it a cottage industry.”

— Student Eric Cope of South Central College in Faribault, speaking in a student-leader seminar today on textbooks.

(OK, I’m not sure whether that was a case of arbitrage, but work with me here.)