This week’s economic news summary includes the diner’s dilemma and marginal analysis, property rights in outer space, the Phillip’s Curve and unemployment.
Like the tragedy of the commons, splitting a bill among friends at a restaurant involves an individual’s marginal benefit and the group’s marginal cost.
The behavioral economics ideas from our everyday economics are confirmation, expectations and projection bias, frames, temporal discounting and sunk costs.
This 60-foot shot is amazing. The game was between Shakopee and Hopkins, 2 Minneapolis-St. Paul area high school basketball teams. Playing a semifinal playoff, in quadruple overtime, Hopkins won 49-46 with the 60-foot shot. Hopkins’s strategy? They stalled with the…
By Madeleine Vance, guest blogger and student at Kent Place School. Saving water is supposed to allow us to cut down costs. For the drought-stricken city of Wichita Falls in Texas, this is not the case. In 2013, Wichita Falls’s…
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