g more traction recently attributes the slower recovery to poor policies enacted in Washington. In a June 2016 article about the US economy, Gregory Mankiw, professor at Harvard University and former chair of the Council of Economic Advisers for President George W. Bush, highlighted “policy missteps,” **

e-built. Subjects are willing to pay more for items they build themselves. A third such bias that fits the Hawk—Dove model is the sunk cost fallacy (Mankiw, 2007; Thaler, 1980), which leads us to “throw good money after bad” when we invest in ventures simply because we have already put so much effort int