Suppose your instructor gave hats with your school’s logo to…

Suppose your instructor gave hats with your school’s logo to half of your economics classmates. She then asked these students to value the hats, and the average response was $9 per hat. Under the endowment effect, we should expect that the average value assigned by the economics students who did NOT receive the hats to be:  

Alice, Beth and Claire enter into a partnership to build and…

Alice, Beth and Claire enter into a partnership to build and operate an apartment building.  The partnership agreement states that A is the managing partner.  All of the partnership’s previous apartment complexes were designed without an architect.  This apartment building will be built on oceanfront property and will require a special design to prevent soil erosion.  Alice contracts with an architect to design the apartment building for the partnership.  Does Alice have authority to hire an architect on behalf of the partnership?