One of the most robust findings in the field of behavioral economics is the difference between what people demand to sell something they already own and the price they would have been willing to pay for it. For example, my wine-loving investor friend might not be willing to bid more than $750 for a desirable bottle of Bordeaux, but when received as a gift wouldn’t sell the same bottle for less than $1000. Somehow the mere fact of owning something makes it seem more valuable.
James W. Davis is Professor of International Politics and Dean of the School of Economics and Political Science at the University of St. Gallen, Switzerland. His recently completed introduction to and translation of Carl von Clausewitz’s writings on small wars (together with Christopher Daase) is available from Oxford University Press as Clausewitz on Small War.
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Among the many legal issues raised by the President’s January 27, 2017 executive order (EO) temporarily halting entry into the United States of citizens from seven primarily Muslim countries, including war-torn Syria, was the status of individuals claiming refugee status. Ostensibly to protect the United States from terrorists posing as refugees, the EO suspended the United States Refugee Admissions Program (USRAP) for a period of 120 days. Then, on March 6, 2017, the president revoked the original EO, replacing it with a document of narrower scope.