3. Suppose that there are two national football leagues: The Time League and The Bonus for Win...
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3. Suppose that there are two national football leagues: The Time League and The Bonus for Win League. The players have private information about their effort. In The Time League, players receive a fixed wage based on the time they spend practicing and playing matches. In The Bonus for Win League, the players are paid one wage for a loss, a higher wage for a tie, and the highest wage of all for a win. Describe the moral hazard and adverse selection problems in these two leagues. Which league best addresses these problems?
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Related Book For 
Foundations Of Microeconomics
ISBN: 9780063076280
7th Global Edition
Authors: Bade, Robin;Parkin, Michael
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