Examlex
The winner's curse is more likely when the value of a good at auction is uncertain.
Nonlabor Income
Income received that does not come from working, such as interest from savings, dividends from investments, or government benefits.
Leisure
Free time spent away from work and compulsory activities, often devoted to relaxation, hobbies, and personal enjoyment.
Wage Rate
The amount of compensation an employee receives in exchange for performing a specific job, typically expressed per hour or year.
Endowment
The value that a property generates for its owner; in economics, it often refers to the initial allocation of goods and resources available to individuals.
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