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Everything about life in the USA 🇺🇸 Buy ads: https://telega.io/c/american @Source_Ads ↪️ Feedback : @cobbl
The Portland Trail Blazers are expected to work with Damian Lillard on finding a new team, and the Miami Heat are expected to make a strong push.
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When student loan payments come due in October, economists warn it could be a jarring experience for tens of millions of people.
However, they say, there’s still time to prepare and even apply to see if you can keep your payments as low as nothing.
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The United States has witnessed five mass shootings each Independence Day on average over the past decade — more than on any other day of the year.
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In this weekend’s paper:
- High court strikes blow to affirmative action
- Relief from heat may be in sight
- Gun violence at historic high ahead of July 4
At a 130-year-old Louisville, Kentucky, church, six drag queens will perform a mix of Gospel music along with a few secular, yet respectful, hits.
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Deputies accused of beating and sexually assaulting Michael Corey Jenkins and Eddie Terrell Parker before shooting one of them have been fired.
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Millions of South Koreans woke up at least a year younger on Wednesday.
On paper, anyway.
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In Wednesday’s paper:
- Nation’s report card: Democracy in America
- Watchdog reports on Epstein’s suicide
- Justices affirm courts’ role in elections
Edmonton Oilers star Connor McDavid sweeps MVP awards after dominant NHL season. McDavid had the NHL's first 150-point season since the 1990s.
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Why does a car lose 18% of its value immediately after you buy it from the dealer?
#Econgram_economic_concepts
One of the most famous economic papers is “Market for Lemons” by George Akerlof. The paper investigates a market for used cars where both good-quality (“peaches”) and bad-quality (“lemons”) cars are sold. However, while the sellers know the quality of their autos, the buyers do not.
As buyers are unsure about the car’s quality, they offer a small price. Therefore, owners of good-quality autos cannot get a fair price: they leave the market. As a result, Akerlof predicted that the market should consequently end up consisting of bad cars - lemons.
In 2019, a group of scientists* investigated empirical evidence consistent with the Market for Lemons theory in the Danish car market. They discovered that good-quality cars sold in the first year of ownership were priced 18% below their value. However, the so-called “lemon penalty” decreased over time: in the second year of ownership it was 8% and by the 9th year it vanished.
The market for lemons is an example of adverse selection - a situation in which buyers and sellers have different information about the good. Adverse selection often leads to a market failure, a situation in which the rational* behaviour of all market participants leads to an inefficient* distribution of resources.
To overcome the Lemons’ problem, Akerlof proposes the sellers issue warranties against future malfunctioning of their cars. Sellers of peaches would be more willing to issue warranties than sellers of lemons. Therefore, it would be easier for the buyers to distinguish between lemons and peaches.
Inspired by The Economist
Do you know other real-life examples of adverse selection? Share them in the comments!
👉 Join The Econgram
Sunday's BET Awards celebrated 50 years of hip-hop with tributes to the genre's earliest voices, late legends, and new talent during a performance-packed show that consistently felt like a party.
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On today’s 5 Things podcast:
1️⃣ What’s next for Russia?
2️⃣ Family separation lawsuits
3️⃣ Pelosi endorses Supreme Court term limits
4️⃣ School counselors scarce amid mental health crisis
5️⃣ Remembering Elijah Lee Lewis
Listen to the full episode ⤵️
A religious charter school in Oklahoma – the first of its kind in the nation – has sparked a fierce battle over the scope of recent Supreme Court decisions that favored religious freedom and blurred the line separating church and state.
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Trump did not endorse any specific anti-abortion legislation, but said "there of course remains a vital role for the federal government."
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Deep-sea robots were searching for clues about what happened leading up to the catastrophic implosion that likely occurred. Updates.
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Whether it was the outstanding crowd or the beautiful display of wrestling between The Bloodline, Money in the Bank was everything and more for WWE.
Updates
The court ruled race-conscious admissions violate the 14th Amendment. Here's what colleges and students may be able to do to ensure campus diversity.
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On today’s 5 Things podcast:
1️⃣ SCOTUS blocks use of affirmative action at Harvard, UNC
2️⃣ California reparations
3️⃣ Gun violence stats
4️⃣ Florida immigration law worries advocates
5️⃣ Hot and smoky summer
Listen to the full episode ⤵️
Generational talent Connor Bedard was selected No. 1 overall by the Chicago #Blackhawks at the #NHLDraft in Nashville on Wednesday.
Pick-by-pick analysis here:
The U.S. Coast Guard announced it has likely recovered human remains from the Titan sub, a week after it imploded, killing all five people on board.
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On today’s 5 Things podcast:
1️⃣ More air quality concerns due to wildfires
2️⃣ SCOTUS rejects GOP argument on who decides elections
3️⃣ $200 billion in COVID relief stolen
4️⃣ Gen Z debt
5️⃣ Julian Sands dead
Listen to the full episode ⤵️
Parts of the East Coast braced for severe weather forecast from New York southward to parts of the Carolinas. Here's how tornadoes form.
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A woman in Indiana who police said was robbed at gunpoint outside her home said she was later asked out on a date by her attacker.
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The U.S. Coast Guard said Sunday it is leading an investigation into the loss of the Titan submersible that was carrying five people to the Titanic, to determine what caused it to implode.
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Governments on both coasts of the U.S. want to persuade the small percentage of drivers who use the most gas to switch to electric vehicles – and some leaders are taking the first steps toward incentives to make it happen.
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In Monday’s paper:
- War in Ukraine: Pressure may be piling on Putin
- Separated families still fight to be whole
- Gas ‘superusers’ urged to step on the brakes
Preliminary information shows one of the shootings occurred during a 'large gathering' of people in a parking lot, Kansas City police say.
Updates
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The world's sixth-richest person is also its biggest philanthropist. Legendary investor Warren Buffett's charitable giving has topped $51 billion.
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