Chapter

rRONTirRS or MicRor^pNOMirs ¿m

Vrmmrlrk Inl'.'rm.Hii'ii_lii thkld-.n .V;'.iiT.-. l'r.r...r.V.-- .'v.'.nl-- aivj Mvr.il Hazard

Hidden Characteristic»: Adverse Selection and the Lemon* Problem 485

rvi Cceralg Vlaraacrwr_

'■'jiiiii ¡Hi' '.•'. ■•■n.-i I .'i*! .i'.i- .n:.-ri:i.!t.. n_UiZ

in ii":,; ii: n.i n i_:i ,■ rrti■ 11 , ■': Ki , i_¿ut_

Asymmetric Information and t'ublje Policy 48°

Political Economy 4H9

Arrow's Impossibility Theorem 491

The Median Voter Is King »91

IN THE NEWS Farm Policy and Politics ¿94

Ikluviciiil U-?nvmkr- I'M

People Car»- about Fairness 497

People Are Inconsistent over lime 497

IN THE NEWS This Is Your Brain on Econo/nicj -193

Conclusion 500

Oui-.itiiini Iiii Hi'i irii_Hli

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