Question
Richard Thaler compiled evidence of a "curse" common to these markets. For 10 points each:
[10m] Name these markets, which may be first-price or second-price, in which participants act based on private valuations. These markets and matching markets are the main subjects of market design.
ANSWER: auctions [or auction markets]
[10h] This economist developed a sealed-bid auction in which the winner's cost depends on the size of losing bids. This economist also pioneered congestion pricing.
ANSWER: William Spencer Vickrey
[10e] Rights to produce this output, which causes climate change, are auctioned off under California's cap-and-trade program. A Canadian tax on this greenhouse gas is assessed at 20 cents per liter of gasoline.
ANSWER: carbon dioxide emissions [or CO2 emissions; accept carbon tax; prompt on emissions]
<Social Science - Social Science - Economics>
Data
| Team | Opponent | Part 1 | Part 2 | Part 3 | Total |
|---|---|---|---|---|---|
| Hinsdale Central A | Strake Jesuit B | 0 | 0 | 10 | 10 |
| Lambert A | Uni of Illinois Laboratory | 0 | 0 | 10 | 10 |
Summary
| Tournament | Edition | Exact Match? | Heard | PPB | Easy % | Medium % | Hard % |
|---|---|---|---|---|---|---|---|
| 2025 PACE NSC | 06/07/2025 | Y | 2 | 10.00 | 100% | 0% | 0% |