Markets & incentives
Four papers that explain most of the economic behaviour you will see this week.
shelf — any order
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The Market for Lemons
Why information asymmetry quietly rots markets — used cars, insurance, hiring.
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Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure
Why companies exist at all, and why managers do what they do.
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Power Laws, Pareto Distributions and Zipf's Law
Why almost everything is wildly unequal, mathematically.
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Bitcoin
What happens when you redesign money so no one has to be trusted.