How long would you hold on for a car?
7 October, 2015
How does economics drive contestants in the MediaCorp Subaru Impreza WRX Challenge, an annual car challenge in which over 400 individuals slug it out for a chance to win a Subaru?
In ‘How long would you hold on for a car?’, Senior Lecturer Eric Fesselmeyer and A/P Serene Tan (Dept. of Economics) used economics to explain how hard people try to win. With the help of a statistical method called regression analysis they showed negative correlation between time spent on winning the car, the cost of COE and positive correlation between time spent and car price.
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