Examlex
On a hike through the hills, Tim feels a bug crawling up his leg under his pants. Which system is necessary for Tim to be aware of the bug?
Signaling
Taking some action to establish credibility despite possessing private information; a way to reduce adverse selection.
Reputation
The widespread belief about the character, qualities, and behaviors of an entity or individual, which can influence economic transactions and relationships.
Used-Car Dealers
Businesses that focus on selling pre-owned vehicles to consumers, often offering trade-in options.
Independent Events
Two or more events where the occurrence of one event does not affect the probability of the others.
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