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Can a single $100 bill solve an entire town's debt crisis? This riddle is a window into transaction costs. I rely on Jeffrey Rogers Hummel's insights, adding a few thoughts of my own.
And a cool letter: Ever wondered why you haggle for a car but not for your morning Starbucks's coffee?
Plus, a book recommendation: Nobel Prize-winning economist Edmund Phelps' "My Journeys in Economic Theory," a compelling read that blends economic insights with political theory.
Links:
Haggling:
Sebastian Schweighofer-Kodritsch, "The Bargaining Trap," Games and Economic Behavior, November 2022, v. 136, pp. 249-54.
Book recommendation:
You can follow Mike Munger on Twitter at @mungowitz
4.8
5454 ratings
Send us a text
Can a single $100 bill solve an entire town's debt crisis? This riddle is a window into transaction costs. I rely on Jeffrey Rogers Hummel's insights, adding a few thoughts of my own.
And a cool letter: Ever wondered why you haggle for a car but not for your morning Starbucks's coffee?
Plus, a book recommendation: Nobel Prize-winning economist Edmund Phelps' "My Journeys in Economic Theory," a compelling read that blends economic insights with political theory.
Links:
Haggling:
Sebastian Schweighofer-Kodritsch, "The Bargaining Trap," Games and Economic Behavior, November 2022, v. 136, pp. 249-54.
Book recommendation:
You can follow Mike Munger on Twitter at @mungowitz
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