Question
. Suppose that there are three voters (Koch, Willis, and Spears) who put the following dollar values on the outcomes of the Republican primaries: Trump
. Suppose that there are three voters (Koch, Willis, and Spears) who put the following dollar values on the outcomes of the Republican primaries:
Trump
Bush
Paul
Charles Koch
$0
$200
$1000
Bruce Willis
$300
$200
$100
Britney Spears
$1200
$0
$500
T, F, and Explain:With zero transactions costs, Paul would win, but with sufficiently high transaction costs, Trump will win.
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An Inquiry Into The Nature And Causes Of The Wealth Of Nations
Authors: Adam Smith, R H Campbell
1st Edition
0865970068, 9780865970069
