3.For anyone interested, the state of Washington has a procedure that is required to become a private investigator (PI). To become a registered armed private investigator in Washington, applicants must fill out forms, submit a $300 application fee, do a four-hour training course, and pass an exam and background check. Every year, the PI license must be renewed for $175.

Presumably, the registration and licensing process protects consumers; given the information presented this week, aside from ensuring high quality investigation services, why else might existing private investigators find it in their interest to protect the registration system? What side effects might the (one-time and annual) fees, training, and exam introduce into the private investigator market?

3a.On the way to my mother's house for Thanksgiving dinner, my wife was on her phone and noted that Old Navy was going to be open for Black Friday sales starting on Thursday at 3pm. Many people lament the fact that stores are open very early the day after Thanksgiving or, as it seems, even open on Thanksgiving day itself. The owners, managers, and employees of retail stores presumably would enjoy spending Thanksgiving with their families instead of preparing for Black Friday sales, yet almost every store announces that it will open very early on Friday morning for shoppers. How might game theory offer an explanation for this unexpected behavior?