Local food

Two-thirds of the social costs of the food distribution system have nothing directly to do with the environment at all: They are attributable to accidents and congestion. More than half of those costs are caused by driving to the shops. Economist.com Free Exchange

Auctions

In 1999, Germany sold some mobile-phone spectrum by auction, with one rule specifying that any new bid had to exceed the previous high bid by 10 percent. Two serious bidders were involved. One company bid 18.18 million marks on blocks 1 to 5 and 20 million on blocks 6 to 10. Why the difference? Note that […]