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In Wednesday’s paper:
- Nation’s report card: Democracy in America
- Watchdog reports on Epstein’s suicide
- Justices affirm courts’ role in elections
Edmonton Oilers star Connor McDavid sweeps MVP awards after dominant NHL season. McDavid had the NHL's first 150-point season since the 1990s.
Read more on USA Today
Why does a car lose 18% of its value immediately after you buy it from the dealer?
#Econgram_economic_concepts
One of the most famous economic papers is “Market for Lemons” by George Akerlof. The paper investigates a market for used cars where both good-quality (“peaches”) and bad-quality (“lemons”) cars are sold. However, while the sellers know the quality of their autos, the buyers do not.
As buyers are unsure about the car’s quality, they offer a small price. Therefore, owners of good-quality autos cannot get a fair price: they leave the market. As a result, Akerlof predicted that the market should consequently end up consisting of bad cars - lemons.
In 2019, a group of scientists* investigated empirical evidence consistent with the Market for Lemons theory in the Danish car market. They discovered that good-quality cars sold in the first year of ownership were priced 18% below their value. However, the so-called “lemon penalty” decreased over time: in the second year of ownership it was 8% and by the 9th year it vanished.
The market for lemons is an example of adverse selection - a situation in which buyers and sellers have different information about the good. Adverse selection often leads to a market failure, a situation in which the rational* behaviour of all market participants leads to an inefficient* distribution of resources.
To overcome the Lemons’ problem, Akerlof proposes the sellers issue warranties against future malfunctioning of their cars. Sellers of peaches would be more willing to issue warranties than sellers of lemons. Therefore, it would be easier for the buyers to distinguish between lemons and peaches.
Inspired by The Economist
Do you know other real-life examples of adverse selection? Share them in the comments!
👉 Join The Econgram
Sunday's BET Awards celebrated 50 years of hip-hop with tributes to the genre's earliest voices, late legends, and new talent during a performance-packed show that consistently felt like a party.
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On today’s 5 Things podcast:
1️⃣ What’s next for Russia?
2️⃣ Family separation lawsuits
3️⃣ Pelosi endorses Supreme Court term limits
4️⃣ School counselors scarce amid mental health crisis
5️⃣ Remembering Elijah Lee Lewis
Listen to the full episode ⤵️
A religious charter school in Oklahoma – the first of its kind in the nation – has sparked a fierce battle over the scope of recent Supreme Court decisions that favored religious freedom and blurred the line separating church and state.
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Trump did not endorse any specific anti-abortion legislation, but said "there of course remains a vital role for the federal government."
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Deep-sea robots were searching for clues about what happened leading up to the catastrophic implosion that likely occurred. Updates.
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McCarthy backed an effort to expunge both impeachments of former President Donald Trump, but said the resolutions first need to go through committee.
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“I talk to many women and the women say, ‘We can’t find real men anymore,’ and they say, ‘We want a real man, not a metrosexual,’ so what they say is happening in the new romance novels is detached from reality. It’s La-La Land,” Fabio said.
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On Thursday, temperatures in Texas are expected to reach about 110 degrees, and heat indexes could hit as high as 125 in some areas.
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Seven years ago, Reno resident Chris Sandoval got a set of brand-new personalized license plates: "AREA 51."
But thanks to those plates — or rather, thanks to replica AREA 51 plates sold as souvenirs — Sandoval has received hundreds of tickets and fines. Read more on USA Today
Hunter Biden's agreement Tuesday to resolve federal tax and gun charges culminated a five-year criminal investigation and likely averted prison, but opened the door to an intensified congressional inquiry.
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"Mission: Impossible - Dead Reckoning Part One" has yet to hit theaters, but critics are already raving about the film. Here's what they had to say.
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Many Americans are worried about having to start paying their student loans again. For some, it might mean getting a second job and cutting back on their spending, including dining out less or not buying name-brand goods and foods when shopping.
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Parts of the East Coast braced for severe weather forecast from New York southward to parts of the Carolinas. Here's how tornadoes form.
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A woman in Indiana who police said was robbed at gunpoint outside her home said she was later asked out on a date by her attacker.
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The U.S. Coast Guard said Sunday it is leading an investigation into the loss of the Titan submersible that was carrying five people to the Titanic, to determine what caused it to implode.
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Governments on both coasts of the U.S. want to persuade the small percentage of drivers who use the most gas to switch to electric vehicles – and some leaders are taking the first steps toward incentives to make it happen.
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In Monday’s paper:
- War in Ukraine: Pressure may be piling on Putin
- Separated families still fight to be whole
- Gas ‘superusers’ urged to step on the brakes
Preliminary information shows one of the shootings occurred during a 'large gathering' of people in a parking lot, Kansas City police say.
Updates
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The world's sixth-richest person is also its biggest philanthropist. Legendary investor Warren Buffett's charitable giving has topped $51 billion.
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The debris found Thursday near the Titanic wreckage site is from the outside of the submersible that has been missing for four days, the Coast Guard said in a news briefing. All five passengers are believed to be dead.
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Search and rescue crews remotely operating an underwater vehicle discovered a "debris field" near the Titanic while looking for a missing tourist submersible, the U.S. Coast Guard said.
Updates
On today’s 5 Things podcast:
1️⃣ Search enters desperate phase for missing sub
2️⃣ India’s PM Modi visits Washington
3️⃣ Alito private jet ethics revelation
4️⃣ FTC sues Amazon
5️⃣ Gannett sues Google
Listen to the full episode ⤵️
On today’s 5 Things podcast:
1️⃣ Search intensifies for sub
2️⃣ Trump’s trial set for Aug. 14
3️⃣ Hunter Biden to plead guilty
4️⃣ Judge strikes down Arkansas ban on gender-affirming care
5️⃣ One-third of homeless in California
Listen to the full episode ⤵️
Unlike a submarine, a submersible relies on a support vessel. Rescue would be difficult because the Titanic wreck site is so remote and deep.
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Tropical Storm #Bret continues to show signs of strengthening and is expected to become a hurricane within the next day or two as it moves toward the Caribbean Sea, according to the National Hurricane Center.
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Students and staff at Merrimack Valley High School were halfway through fourth period when a harsh odor permeated classrooms and hallways throughout the two-story brick building nestled along a wooded area bordering New Hampshire’s capital city, Concord.
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