Word: lemons
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Anyone who has bought a used car knows that the seller typically has far more information than the buyer. That's why states have lemon laws. Such gaps in information lie at the heart of the work for which James Mirrlees of Britain's Cambridge University, and formerly Oxford, and William Vickrey of Columbia University shared this year's Nobel for Economics. By studying the "asymmetric information" that characterizes many markets, the two men, who have never met, demolished the classic economic assumption that all parties to a deal have equal knowledge...
SACRAMENTO: The California Department of Motor Vehicles is blocking Chrysler from resupplying the state with new Chrysler cars for 45 days after dealers resold 116 "lemons" to California drivers. The breakdown-prone cars were bought back from unhappy drivers and resold by dealers after some repair work but without, state officials charge, properly disclosing that the cars had had previous problems or giving out the correct warranties. Chrysler will appeal the decision, which may indefinately delay the ban on the corporation restocking dealerships with vehicles. "This ruling is a lemon the size of the Yellow Submarine," says TIME's William...
...party drove back to Greyfield to dine on shrimp, artichokes, grilled swordfish and lemon-raspberry ice cream. More details were not forthcoming since the staff had all signed confidentiality agreements. But it is known that Senator Kennedy gave a toast more poignant than the one the previous evening. He invoked the names of John's parents and said how proud they would have been; once again many of those present were brought to tears...
...technology that Sunday morning in Point Loma. Although he could not feel a pulse at his patient's wrist, he was able to determine that it had fallen from a normal 80 beats a minute to 38 by placing a digital pulse monitor the size of a lemon on the woman's finger. He then touched her chest with a portable EKG machine and analyzed her cardiac rhythms. Had there been any indication that she was suffering a heart attack, Bayne would immediately have called 911. When he determined that wasn't the case, he decided to perform a battery...
...about their "duty to die"; veterans will learn that he wants to phase out some of their hospitals; immigrants that he wants to close the borders and slice legal immigration at least in half. Diane Dillingham, a longtime G.O.P. activist but Lamm admirer in Denver, thinks his suck-a-lemon style won't have much appeal. "The average voter doesn't want to hear the truth," she says. "If you don't sugar-coat it, you don't get elected." The solutions Lamm is currently proposing in his "No BS agenda" are viewed by his fans as both essential...