Dollar Hot Dogs, Coupons, and Bidding for Wallets
The Answer Is Transaction Costs
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The Trade-Offs Between Conventional Wisdom and Economic Theory
This week's economics joke was suggested by PG. The story is that the bidding at a local auction house was proceeding furiously when the auctioneer interrupted the proceedings and announced a gentleman in this room has lost a wallet containing $10,000. BR said minimizing transactions cost has been captured in many sayings. A stitch in time saves nine. Look before you leave. Don't put all your eggs in one basket. If it ain't broke, don't fix it,. A bird in the hand is worth more than two in the bush.
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