The winners curse is worse when
a. There are fewer bidders
b. Your rivals do not have as much information as you do
c. Your rivals have more information than you do
d. All of the above
c
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Suppose we know that 10 Spanish Galleons sunk in the Atlantic ocean carrying approximately 50 tons of gold, but the exact location of these shipwrecks is unknown. Would this gold add to the world reserve?
A) Yes, we know it exists. B) No, we know it exists but we can't extract the gold. C) Yes, it's only a matter of time before the shipwrecks are discovered. D) No, there are no established property rights over the shipwreck so they cannot add to world reserves..
After 1960, all of the following declined except
a. the number of U.S. farms. b. the portion of U.S. labor force employed by the agricultural sector. c. the total amount of U.S. land devoted to farming. d. the average acreage per U.S. farm.