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The Gambler - Kenny Rogers
You got to know when to hold ‘em, know when to fold ‘em,
Every card game operates under a set of rules. These rules allow the players to know how to play the game. Legal institutions, like the rules of a card game, show economic agents “when to hold ‘em” and “when to fold ‘em” with respect to economic decisions. With an example, show how the rules under which individuals act might affect their decisions. What rules are necessary for markets to work well?
[Will Luther assisted with this assignment.]