Rdan

David Zetland at Aguanomics had some fun with a lecture and thought exercise.

02 November 2009
The Political Economy of Lobbying

Last week, I taught my students about different auction techniques. After I auctioned four books under different rules, I auctioned $1.00 for $3.75.

Now before you say "WTF?" (or perhaps I am too late!), let me explain.

First, it was an all-pay auction,...