Microeconomics exam question

You’re confusing rational behavior with rationalizable behavior. The people who are doing the looting, by and large, are NOT people who are known for their wise decision making. That’s why they’re poor.

The looters are assuming that they won’t get caught. If they rationally set a chance of being, say, tracked down after being photographed, and considered how the judge & jury are likely to treat someone accused of looting, they would undertake at least some effort to conceal their faces. The fact that they are not attempting to hide their identity means that they are not thinking far enough ahead to see this. The situation is Biloxi and Gulfport, I think, makes this clear–police are not nearly as hampered there, but widespread looting still is occuring.

Likewise, I doubt that there is a serious consideration being given to fencing, or intermediate storage, for that matter. These people simply see the opportunity to acquire things. Looting in some clothing stores was marked by typical shopper behavior–checking label, size, etc.

As for cop looters (we also saw this on 9/11), again, the looter is simply assuming he won’t get caught. They start with the advantage of being armed, but that appears to have changed.

I think that they evolution of looting (reports late yesterday were suggesting that armed gangs were taking over) is a far more suitable course of study. The only question that remains, as hinted at by the following post, is, “Do we count looting by elected officials under usual circumstances or not?”

It struck me that this is a pretty literal example of sunk costs. Devoting scarce resources to prevent looting from businesses with full insurance for losses seems (especially goods that can’t even be consumed properly, like a television w/o electricity) like a dubious use of resources.

There might be other reasons to step in (e.g., looting behavior feeds into general unruliness or lawlessness that makes crowd controls/evacuation harder), but this seems like a lot of fuss with real practical costs. Of course, investing effort in stopping the broken levees was probably wasteful, too: unless they could stop it quickly, the water was going to equilibrate anyway; just focus on getting people out.

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