9.1 repugnant markets fall 2011

8/10/2019 9.1 Repugnant Markets Fall 2011

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Repugnance as a Constraint on

Markets

Journal of Economic Perspectives, 21:3, Summer, 2007, 37-58.

Al Roth

Fall 2011, Market Design
http://kuznets.fas.harvard.edu/~aroth/papers/Repugnance.pdfhttp://kuznets.fas.harvard.edu/~aroth/papers/Repugnance.pdfhttp://kuznets.fas.harvard.edu/~aroth/alroth.htmlhttp://kuznets.fas.harvard.edu/~aroth/alroth.htmlhttp://kuznets.fas.harvard.edu/~aroth/papers/Repugnance.pdfhttp://kuznets.fas.harvard.edu/~aroth/papers/Repugnance.pdf


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2

Section 301 of te !ationa" #rgan $ransp"ant %ct

&!#$%', (2 ).S.C. 27(e 1*8( states:

+it sa"" e un"afu" for an person

to knoing" ac/uire, receie or oterise transfer

an uman organ for a"ua"e

consieration for use

in uman transp"antation.

Legal opinion (initially only by the transplant community and

now by the DOJ) interprets this has forbidding buying and

selling, but allowing exchange (paired donation)


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3

Why cant you eat horse or dogmeat in a restaurant in Caliornia!

1" #hort ans$er% &ts against the la$" Caliornia 'enal Code #ection ()* states in

+art -horsemeat may not .e oered or

sale or human consum+tion"/

2" onger ans$er% many Caliornians ind itre+ugnant that anyoneshould eat a

horse and this re+ugnance $as enacted into la$,

.y +o+ular reerendum 'ro+" in 1))*


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4

5ote% there arent la$s against eatingcockroaches

A .ig +art o .eha6ioral economics ocuses onregularities in +eo+les tastes that $ereunmodeled in classical models" #trong tastes or a6oiding losses, or airness, or

immediate as o++osed to delayed re$ards- 7hese are largely tastes re6ealed in choices that

+eo+le make or themsel6es" My su.8ect today is tastes that +eo+le ha6e

concerning choices that other +eo+le mightmake9&mgoing to argue that these ha6e .igconse:uences in $hat markets $e see" 7his is something & see as a market designer, e6en

or markets and allocation mechanisms more usual

than kidney e;change"


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Re+ugnant transactions

( historically im+ortant re+ugnances #e; outside o marriage, incest, homose;uality, +ornogra+hy,

+rostitution- #er6itude% #la6ery and serdom and indentured ser6itude, $omens lack

o rights $asnt so re+ugnant, no$ 6ery much so

Worshi+ &n:uisitions, e;+ulsions, heresy, religious $ars, "aspem'

&nterest on loans $as re+ugnant, no longer so much

Drugs makes the list .ecause o all the associated crime

( in lu; right no$ #ame se; marriage

Dont ask, dont tell in >"#" military""

&n6itro ertiliation 5o.el +rie in 2010

Ether re+roduction related transactions% surrogacy, eggs

@ody +arts or trans+lantation9com+ensation or donors idneys, .onemarro$, deceased donation-

Assisted suicide in


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&ts not hard to ind them-

htt+%GGmarketdesigner".logs+ot"comGsearchGla.elGre+ugnance

)
http://marketdesigner.blogspot.com/search/label/repugnancehttp://marketdesigner.blogspot.com/search/label/repugnancehttp://marketdesigner.blogspot.com/search/label/repugnancehttp://marketdesigner.blogspot.com/search/label/repugnancehttp://marketdesigner.blogspot.com/search/label/repugnancehttp://marketdesigner.blogspot.com/search/label/repugnance


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10

Re+ugnant transactions some$here, or $hen

?uman Remains or trans+lant or study or

e;hi.it Cada6ers or anatomical study, deceaseddonor

organs, .lood and tissue Hra6e ro..ers Museum e;hi.its

i6e donor organs kidneys, li6ers a.or

&ndentured ser6itude, sla6ery Iolunteer army, mercenary soldiers Discrimination on race, gender, handica+, marital status, etc"

Re+roduction and se; Ado+tion children may not .e +urchased rom the .irth mother #urrogate mothers, egg and s+erm donation, a.ortion, .irth

control all other re+roducti6e ser6ices may .e +urchased


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11

Words and ideas

o.scenity and +roanity FCC .roadcast regulations,mo6ie ratings, 1)() 'ost Eice .an on adyChatterleys o6er

.las+hemy e"g" .an on sale o Rushdies #atanicIerses/

Risk ie insurance insura.le interest/

or adults For children!

#tranger or &n6estor E$ned ie &nsurance #E& andIiatical settlements/9third +arty markets and unds" dead+ools/

Ham.ling, +rediction markets terrorism utures market/


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12

Finance #hort selling, currency s+eculation &nterest on loans state usury la$s, &slamic .anks

'ollution markets% 7itle &I o the 1))0 Clean%ir%ct%mendments tradea.le emissionsentitlements

#ummers 1))1 World @ank memo on dirty industries in DCs 'rice gouging

Ater disasters e"g" ?urricane atrina 7icket scal+ing ticket auctions

ReligionG#+orts amateurG+roessional #ale o indulgences


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13

7he arro$ o time +oints in .othdirections on re+ugnance o markets

7here are markets that are re+ugnanttoday that once $ere not or notsuiciently to ser6e as a .inding

constraint And there are markets that $ere once

re+ugnant .ut no longer are"


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#la6ery and indentured ser6itude

Ence .oth kinds o markets $ere commonin the >"#"

&ndentured ser6itude $as once one o the

common $ays or


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1(

ending money or interest

Ence $idely re+ugnant, no$ not $ith theim+ortant e;ce+tion o &slamic la$"

Al.ert ?irschman +ara+hrases Ma;

We.ers :uestion in 7he #+irit oCa+italism/% How did commercial, banking, and similar

money-making pursuits become honorable atsome point in the modern age after havingstood condemned or despised as greed, loveof lucre, and avarice for centuries past!/

C it M C fi i M C i l dit i th ti


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Creit. Mans Confience in Man. Commercial credit is the creation omodern times and .elongs in its highest +erection only to the most enlightenedand .est go6erned nations" Credit is the 6ital air o the system o moderncommerce" &t has done more 9 a thousand times more 9 to enrich nationsthan all the mines o the $orld"/ Daniel We.ster, March 1*, 1*34"

1


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1

Changing re+ugnancies caninteract

@ankru+tcy la$ &n colonial America and in the early years o

the Re+u.lic, insol6ent de.tors could .e

im+risoned, or sentenced to indenturedser6itudeAs de.t .ecame less re+ugnant, and

in6oluntary ser6itude more re+ugnant,

.ankru+tcy la$ has come to +ro6ide+rotection to the de.tor as $ell as to thecreditor


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1*

Re+ugnance is oten conounded$ith other o.8ections


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1)

Re+ugnance K negati6ee;ternalities 'rostitution

Re+ugnance at commercialiing se;, .ut also neigh.orhoode;ternalities crime, +u.lic health, etc"

'ornogra+hy

E.scenity FCC .roadcast regulations e;ternalities9doesnt a++ly tosu.scri+tion radio-


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@las+hemy%Article 40, , 1, &rish consititution

7he #tate guarantees li.erty or the e;ercise o theollo$ing rights, su.8ect to +u.lic order and morality%

i" 7he right o the citiens to e;+ress reely their con6ictionsand o+inions"

7he education o +u.lic o+inion .eing, ho$e6er, a matter osuch gra6e im+ort to the common good, the #tate shallendea6our to ensure that organs o +u.lic o+inion, such asthe radio, the +ress, the cinema, $hile +reser6ing theirrightul li.erty o e;+ression, including criticism o

Ho6ernment +olicy, shall not .e used to undermine +u.licorder or morality or the authority o the #tate"

7he +u.lication or utterance o "aspemous, seditious, orinecentmatter is an oence $hich shall .e +unisha.le in

accordance $ith la$" 20
http://www.taoiseach.gov.ie/attached_files/html%20files/Constitution%20of%20Ireland%20(Eng)Nov2004.htmhttp://www.taoiseach.gov.ie/attached_files/html%20files/Constitution%20of%20Ireland%20(Eng)Nov2004.htm


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'akistan =anuary, 2011 4"aspem "a in akistan

L&n iery s+eeches across all ma8or citiesand to$ns, religious leaders $arned thego6ernment on Friday against altering the

la$, $hich carries a mandatory deathsentence or anyone con6icted o insulting&slam"

#alman 7aseerassassination% L7aseersa++arent killer cited his .osss stanceagainst a contro6ersial anti.las+hemy la$in 8ustiying his actions"

21
http://marketdesigner.blogspot.com/2011/01/blasphemy-law-in-pakistan.htmlhttp://marketdesigner.blogspot.com/2011/01/blasphemy-law-in-pakistan.htmlhttp://www.washingtonpost.com/wp-dyn/content/article/2011/01/04/AR2011010400955.html?sid=ST2011010401338http://www.washingtonpost.com/wp-dyn/content/article/2011/01/04/AR2011010400955.html?sid=ST2011010401338http://www.washingtonpost.com/wp-dyn/content/story/2010/12/10/ST2010121007188.htmlhttp://www.washingtonpost.com/wp-dyn/content/story/2010/12/10/ST2010121007188.htmlhttp://www.washingtonpost.com/wp-dyn/content/article/2011/01/04/AR2011010400955.html?sid=ST2011010401338http://www.washingtonpost.com/wp-dyn/content/article/2011/01/04/AR2011010400955.html?sid=ST2011010401338http://www.washingtonpost.com/wp-dyn/content/article/2011/01/04/AR2011010400955.html?sid=ST2011010401338http://www.washingtonpost.com/wp-dyn/content/article/2011/01/04/AR2011010400955.html?sid=ST2011010401338http://marketdesigner.blogspot.com/2011/01/blasphemy-law-in-pakistan.htmlhttp://marketdesigner.blogspot.com/2011/01/blasphemy-law-in-pakistan.html


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22

Re+ugnance K addictionGcoercion

Alcohol


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Re+ugnance K incenti6es

ie insurance insura.le interest/ or adults

=ustice Eli6er Wendell ?olmes, =r" in a 1)11 case in6ol6inginsura.le interest% A contract o insurance u+on a lie in $hich

the insured has no interest is a +ure $ager that gi6es the insureda sinister counter interest in ha6ing the lie come to an end" =ustice ?olmes o+inion continues% En the other hand, lie

insurance has .ecome in our days one o the .est recogniedorms o in6estment and selcom+elled sa6ing" #o ar asreasona.le saety +ermits, it is desira.le to gi6e to lie +olicies

the ordinary characteristics o +ro+erty"/ For children! #tranger or &n6estor E$ned ie &nsurance #E& and

Iiatical settlements/9third +arty markets and unds"dead +ools/


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24


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2(

C55 story, cont"

L$ere is someting er sick aout it,L a

clearly angry @o;er said, adding that thoseres+onsi.le should .e ired"

#enate Minority eader 7om Daschle, D#outhDakota L& couldnt .elie6e that $e $ould actually commit N*

million to create a We. site that $ould encouragein6estors to .et on utures in6ol6ing terrorist attacksand +u.lic assassinations,

L """ 6 cant e"iee tat ano ou" serious"propose tat e trae in eat"""

How long would it be before you saw traders investing

in a way that would bring about the desired result!"


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2

>ncom+licated/ cases o

re+ugnance as a constraint onmarkets may hel+ clariy $hats

going on


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2

D$ar 7ossing


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2*

Entario Dwarf Tossing Ban Act, 2003

4i"" *7 2003 %n %ct to an arf tossing ?er Ma8esty, .y and $ith the ad6ice and consent o the

egislati6e Assem.ly o the 'ro6ince o Entario, enactsas ollo$s%

arf tossing anne

1. 1 5o +erson shall organie a d$ar tossing e6ent orengage in d$ar tossing" #ffence 2 A +erson $ho contra6enes su.section 1 is guilty o an oence

and on con6iction is lia.le to a ine o not more than N(,000 or toim+risonment or a term o not more than si; months, or to .oth"

Commencement 2. $is %ct comes into force on te a it receies Roa"

%ssent. Sort tit"e 3. $e sort tit"e of tis %ct is te Dwarf Tossing Ban Act, 2003.


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2)

D$ar tossing

).!. 9uman Rigts Committee acks arf-

tossing an &2002'Manuel Wackenheim .egan his ight in 1))( aterd$ar tossing .ans $ere u+held in France"

7he >"5" case re+ort :uotes Wackenheim to the

eect that there is no $ork or d$ar6es in Franceand that his 8o. does not constitute an aront tohuman dignity since dignity consists in ha6ing a

8o."/

7he >5 committee ound or France, saying "theban on dwarf-tossing was not abusive butnecessary in order to protect public order,including considerations of human dignity#$


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30

Re+ugnance can .e hard to +redict

@ut see e"g" 7etlock et al" on ta.ootradeos-

Why is d$ar tossing $idely regarded asre+ugnant!

&ts not 8ust the small sie o the d$ars


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31

Wie Carrying95ot Re+ugnant!

@oston cham+s 200(traditional World cham+s9


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Re+ugnant or not!

'ollution markets% 7itle &I o the 1))0 Clean %ir %ct %mendments

tradea.le emissions entitlements

#ummers 1))1 World @ank memo on dirty industries

in DCs 'rice gouging/

Ater disasters e"g" ?urricane atrina

7icket scal+ing @ut 7icketMaster is no$ running ticket auctions

ick.acks, .ri.es, etc" @ut re:uent lier miles are ok"


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Re+roduction

Ado+tion imits on cash +ayments to mothers

#urrogate mothers, egg and s+erm donation

argely unregulated markets c" De.ora " #+ar%he baby business & how money, science, and

politics drive the commerce of conception"


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34

Cada6ers+RS)RRC$6#! M! &eitoria"'

%he Lancet, olume ', (ssue '), * '*+ pens with the observation that a resurrection man has

recently been sentenced to transportation for sevenyears, and deplores that it is illegal to obtain bodies fordissection, e.cept e.ecuted criminals

$%he legislature should be entreated to/devise/someplan that would 0make cadavers legally available1, andwhich at the same time would not irritate the feelings ofthose who are naturally pre2udiced against dissection#

All that the legislature now does to forward thisscience/is to give the bodies of criminals e.ecuted formurder to be dissected3 this we fear/tends to keep up/the pre2udice which is at present so strong against theobtaining of bodies for dissection#4


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3(

a$s can change

+Ceapest moe of procuring 4oies.;Resurrection Men


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3

@ody$orlds e;hi.its% 200


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3


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3*

Money and re+ugnance

Eten ;KN is re+ugnant, e6en $hen ;alone isnt"


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3)

7a.oo tradeos/ and 'rotected Ialues/ 7etlock, '"


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40

+>e int ae time to pick up a ott"e of ine, ut tis is

at e ou" ae spent.

5e$ Jorker cartoon"


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idney


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Money and re+ugnance

7here seem to .e three +rinci+al lines oargument a.out ho$ adding moneymakes a nonre+ugnant transaction

re+ugnant% E.8ectiication

Coercion e;+loitation/

#li++ery #lo+e


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E.8ectiication

Article 21 o the Council o rotocol to theConvention on Human ights and


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Coercion

7he 5ational @ioethics Ad6isory Commission 2001,$rites that +aying su.8ects to +artici+ate in medicale;+eriments may .e coerci6e" 7hey go on to say that, ian institutional re6ie$ .oard is concerned that thesu.8ects in an e;+eriment may .e economically

disad6antaged, it may re:uire, to protect the sub2ectsfrom coercion, that the researchersreduce the paymentsthey make to participants

&n contrast, e;+erimental economists oten think that

+aying su.8ects in economic e;+eriments, .ased on their+erormance, is an essential element in creating aneconomic en6ironment in the la.oratory in $hich thee;+erimenter can e;ercise some control o6er su.8ects+reerences"


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4(

#li++ery slo+e

Dysto+ias resulting rom changes in termso trade!


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4

Arguments or and againstmonetary market or kidneys

Religious scholars% 'o+e% organ donation is heroic, .ut o.8ectiying human

organs is immoral similar 6ie$s in 'rotestant denominations

=e$ish res+onsa e"g" R" #hlomo Palman Auer.ach% Donating a kidney is allo$ed +ikuach neesh &t isnt re:uired #o it alls in the category o things or $hich money might .e

acce+ted"

&slamic Re+u.lic o &ran% com+ensating kidney donors is legal n$anted conse:uences can .e reduced .y careul regulation o the

market"

Addi i l l d


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4

Additional arguments related tokidneys cro$ding out/ o altruistic gi6ing ?i++ocratic oath irst do no harm/

5e+hrectomys arent the .est +art o the transaction,and some surgeons $ho arent $ild a.out them

already may eel reluctant to take +art i the donorsinterest is commercial" Coercion%


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Declaration o &stan.ul'u.lished ahead o +rint on August 13, 200*Clinical =ournal o the American #ociety o 5e+hrologyhtt+%GGc8asn"asn8ournals"orgGcgiGcontentGa.stractGC=5"033200*61!ma;tosho$QO?&7#Q10OhitsQ10OR7FERMA7QOullte;tQ&stan.ulOsearchidQ1OF&R#7&5D


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4)

?ar S. 4ecker an @u"io @. "ias:+6ntroucing6ncenties in te Market for Aie an Caaeric #rgan onations

Concluding +aragra+h%@ut a.o6e all, the most eecti6e ans$er to the critics o+aying or organs is that the +resent system im+oses anintolera.le .urden on many 6ery ill indi6iduals $hocannot aord to $ait years until suita.le organs .ecomea6aila.le" &ncreasing su++ly through +ayment $ouldlargely eliminate this $ait and thus enormously im+ro6ethe eiciency o the trans+lant market"/


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(0

4ecker an "ias:

Criticisms an a"uation of Monetar 6ncenties

7 ti . t ti


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(1

7ransactions .et$een consentingadults

7est yoursel or re+ugnance% are you$illing to contem+late careully regulated,sales o li6e%

idneys!


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(2

Regulated Market or idneys!

#ingle .uyer >5E#!At a.o6e the com+etiti6e +rice i"e" so more

donors $ould .e a6aila.le than are re:uired!

&normed consent! ong term health insurance!

'sychiatric e;ams!

idneys cant .e used as collateral!

Restrictions on oreign im+orts!

u"ic %ttitues $oar 6ncenties for #rgan onation:


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(3

g

% !ationa" Stu of ifferent Racia"Btnic an 6ncome

?roupsL# @# owea Attitudes to$ard monetary and nonmonetary incenti6es or li6ing

D and deceased donation DD among the >"#" general +u.licand dierent racialGethnic and income grou+s ha6e not .eensystematically studied" We studied attitudes 6ia a tele+hone:uestionnaire administered to +ersons aged 1*B( in thecontinental >nited #tates" Among *4( +artici+ants *(S o

randomied households, "ess tan one-fift participants ere infaor of incenties for range B1S" Most persons ere infaor of reimursement of meica" costs &*1', pai "eae&8(' an priorit on te aiting "ist &5*' for A" Arican

Americans and ?is+anics $ere more likely than Whites to .e ina6or o some incenti6es or DD" Arican Americans $ere more likelythan Whites to .e in a6or o monetary incenti6es or D" Whites $ithincomes less than N20 000 $ere more likely than Whites $ithgreater incomes to .e in a6or o reim.ursement or deceaseddonors uneral e;+enses or medical e;+enses" 7he >"#" +u.lic isnot generally su++orti6e o incenti6es or DD, .ut is su++orti6e olimited incenti6es or D" RacialGethnic minorities are moresu++orti6e than Whites o some incenti6es" ersons it "o

income ma e more accepting of certain monetar incenties


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Causes o re+ugnance to kidney sales!Re+resentati6e #am+le #ur6ey $ith Stee Aeier

We $anted to ind out a .it more a.out Who inds kidney sales re+ugnant!

What is such re+ugnance correlated $ith!

A++ro;imately 40S o res+ondents ind at least some

kinds o kidney sales re+ugnant andGor think they should.e illegal" #ales .y indi6iduals to indi6iduals arouse themost re+ugnance"

ooking at indi6idual 6aria.les, $omen, selidentiied

social conser6ati6es and religious e6angelical'rotestants ind kidney sales more re+ugnant that doothers"

@ut these arent e;+lanatory 6aria.les, they losesigniicance $hen $e regress on underlying attitudes(4

Attitudes correlated $ith


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Attitudes correlated $ithre+ugnance to kidney sales% Re+ugnance to other .ody/ markets

+redicts re+ugnance to kidney sales% 'aying or "oo

'aying or caaersor dissection in anatomyclasses

'aying a surrogate moter

Re+ugnance to e;cessi6e use o takeoutfooan restaurants .y a amily $ithchildren

((


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&nter+retation !

4"oo, caaers, surrogate oms%re+ugnance a.out .ringing .ody +arts andunctions into the market"

$akeout foo% re+ugnance to +urchasingsome ser6ices that amilies andcommunities customarily +roduce or

themsel6es or ree/"

"(


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When Ro.in Joung inter6ie$ed me on5'Rs sho$ ?ere and 5o$, sheremem.ered L$hen the irst MacDonalds

came to our neigh.orhood, my mothertreated it as some sort o heathen+lace"""Ho some$here else .ut hometo

eat!L

(


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(*

, 7uesday, #e+tem.er 1), 200

5


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()

Conclusions% idney trans+lants Ene $ay that the se6ere shortage o

trans+lanta.le kidneys might .e sol6ed is i;enotrans+lants e"g" +ig kidneys .ecame+ossi.le" @ut they +resently ace immunological .arriers that

$e dont kno$ ho$ to surmount" Another $ay the shortage might .e sol6ed is

$ith a monetary market" @ut this also aces 6ery real o.stacles, in the orm o

re+ugnance"

( wouldnt want to bet which barrier will fall first" &n the meantime, $e can .ring to .ear the tools

o market design to increase the num.er otrans+lants through kidney e;change, through

$ays o managing the DD lists, donations, etc"


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VRe+ugnance .roadly construed as a constraint on


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1

Re+ugnance .roadly construed as a constraint onmarket design

&n 4oston, one o the strategy +roo mechanisms $e+ro+osed or their ne$ scoo" coice proceure$asre8ected .ecause it $ould ha6e allo$ed the LtradingL osi.ling +riorities, and the schools olks didnt think thatsounded right, sort o like trading your older child"

&n the !DC ig scoo" matc, a key :uestion re6ol6ed

around the fairnesso dierent $ays to randomie orschools that dont ha6e +reerences" 5ote that in +u.licschool choice, money $ouldnt .e acce+ta.le orallocating s+aces, although it is in +ri6ate schools"

And in the gastroentero"og matc, the issues that

came u+ in6ol6ed $hether it $ould .e unprofessional ora++licants to .e allo$ed to renege on acce+tances oearly, e;+loding oers ultimately the gastro associationsdid ado+t +olicies that allo$ that, as $erecommended"""% the situation is dierent in othermarkets, e"g" la$, early and regular college admissions,etc", c" 5iederle and Roth 200


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2

+Stuents are uner no o"igation to respon

to offers of financia" support prior to %pri" 15E

ear"ier ea"ines for acceptance of suc

offers io"ate te intent of tis Reso"ution. 6ntose instances in ic a stuent accepts

an offer efore %pri" 15, an suse/uent"

esires to itra tat acceptance, te

stuent ma sumit in riting a resignationof te appointment at an time troug %pri"

15.

#hould +eo+le .e a.le to change their


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+ + gminds a.out early oers they ha6eacce+ted!

5ot in neuro+sychology +resident o+roessional organiation%

6 ae sai it once, an 6 i"" sa it

again: $o rongs o not make a rigt.$o state it anoter a: $e en oes

not =ustif te means.& $ill .e stronglyo++osed to any attem+t at TaU- +olicy thatallo$s candidates to acce+t an oeroutside o the match, +artici+ate in thematch any$ay, and then renege on their

earlier Lacce+tanceL"/3


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Re+ugnance is a contentious su.8ect

eider, #te+hen and Al6in o isapproes,an GAmerican ?ournal of

%ransplantation, 10 May, 2010, 1221122"

&t $as +u.lished together $ith a countereditorial%

4

# D d # < H t Fi f


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#ege6, D" and #"ose %ttitues MatterG/

Should we devote resources toinvestigatingthe nuances ofpublic

attitudestoward these markets! Probabl

not/4 $/not!ing else is relevant until

p!sicians support organ sales#4

(


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Conclusions% Re+ugnance

Re+ugnance can .e a real constraint" &t canchange o6er time, .ut it can .e +ersistent"

@eha6ioral economics has mostly .een

concerned $ith ho$ indi6iduals make choices"@ut the manner in $hich attitudes to$ards thea++ro+riateness or re+ugnance o transactionssha+es $hole markets and thereore sha+es

$hat choices +eo+le are conronted $ith may.e one o the im+ortant $ays that .eha6ioral/considerations aect the economy"

We need to understand it .etter

9.1 repugnant markets fall 2011

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