Acton Institute PowerBlog

PowerLinks 12.28.17

Are Sunk Costs Fallacies?
Gwern

Human and animal sunk costs often aren’t, and sunk cost bias may be useful on an individual level to encourage learning. Convincing examples of sunk cost bias typically operate on organizational levels and are probably driven by non-psychological causes like competition.

Market reforms give anticorruption reforms more traction: Evidence from China
Chen Lin, Randall Morck, Bernard Yeung, Xiaofeng Zhao, VOX

China has taught the world something interesting – that prior market liberalisation makes anticorruption reforms more valuable. Once market forces are activated, bribe-hungry officials no longer grease the wheels but instead become pests and invite eradication.

No, Tax Cuts Don’t Kill People
Brad Polumbo, FEE

No one’s going to die just because the individual mandate gets repealed.

Court Ruling Allows Consumers, Not Bureaucrats, To Regulate ‘Scandalous’ Trademarks
John-Michael Seibler, The Daily Signal

Should federal bureaucrats be able to reject trademarks for brand names that they consider “immoral” or “scandalous”?