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the merton/scholes choice also highlighted another enduring problem with the prize:untimely deaths. fischer black, co-originator of the options-pricing model for which messrsmerton and scholes were recognised, died a year too soon to join his collaborators on thepodium. last year, many economists hoped that zvi griliches, a noted econometrician who wasunquestionably deserving of the prize, and was suffering from a long illness, would win. he didnot, and died soon afterwards. because the prize came into being so late, there is still a backlogof elderly luminaries waiting to be recognised. paul samuelson, one of the younger winners,and mr becker, who was a friend of griliches, want the committee to take old age explicitlyinto account. the committee could also cast its net more widely across the profession. almost ail the laureates are also theoreticians; advances in empirical work and applications in the past two decades have yet to be paid due respect, a fact bemoaned by mr becker. mr samuelson adds that the economics committee's selection methods have excessively mimicked those used for the prizes in natural sciences: "if the right apple fell on your head, and you saw it, then you got the prize. but if you had a lifetime of excellence in all branches of physics, you didn't get it." 31. from the first paragraph, we learned that [a] the nobel prize in economics was created under alfred nobel's will. [b] gunnar myrdal was one of the nobel prize winners in economics. [c] milton friedman refused to accept the prize. [d]the nobel committee had not the ability to make decisions. 32. we can learn from the text that about the winners of the nobel prize in economics during 1990s, [a] gary becker won the prize after he forced the committee to act. [b]mr nash's illness delayed his receiving of the prize. [c]obert lucas received the prize earlier than expected. [d] robert merton and myron scholes played jokes on the prize. 33. according to the text, the author's attitude toward nobel prize in economics is [a]doubtful. [b]positive. [c] hostile. [dj indifferent. 34. from the third paragraph, we learn that [a] fisher black did not live long enough to win the nobel prize. [b] the nobel committee will soon take old age into account. [c] younger people are more likely to win the prize. [d] zvi griliches won the prize after he died. 35. in the last paragraph of the text, mr samuelson's attitude toward the economics committee's selection methods is [a] critical. [b] approving. [c] angry. [d] ironic. text 4 in america alone, tipping is now a $16 billion-a-year industry - all the more surprising since it is a behavioural oddity. consumers acting rationally ought not to pay more than they have to for a given service, tips, which are voluntary, above and beyond a service's contracted cost, and delivered afterwards, should not exist. so why do they? the conventional wisdom is that tips both reward the efforts of good service and reduce uncomfortable feelings of inequality. the better the service, the bigger the tip. a paper analysing data from 2,547 groups dining at 20 different restaurants shows that the correlation between larger tips and better service was very weak: only a tiny part of the variability in the size of the tip had anything to do with the quality of service. customers who rated a meal as "excellent" still tipped anywhere between 8% and 37% of the meal price. tipping is better explained by culture than by economics. in america, the custom hasbecome institutionalised: it is regarded as part of the accepted cost of a service. in a new yorkrestaurant, failing to tip at least 15% could well mean abuse from the waiter. hairdressers canexpect to get 15-20%, the man who delivers your groceries $2. in europe, tipping is lesscommon; in many restaurants, discretionary tipping is being replaced by a standard servicecharge. in many asian countries, tipping has never really caught on at all.   |
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