The Economic Way of Thinking 13th Edition by David Prychitko, Peter Boettke, Paul Heyne

Exercise 19

A man approaches you in a busy airport terminal, shows you a handsome wristwatch, which he says is worth $135, and offers to let you have it for $25. Would you buy it? Would you be more willing to buy it if you had better information? What do you "know" when you buy a watch from an established local jeweller that you do not know in this situation?