“compliance costs vs. the risk of paying more taxes”
—This is why I use health savings accounts and commuter plans as an example.
“myopic” consumers
—There really are no individual consumers there are transactions. Myopic transactions perhaps would be a better description. On aggregate we have lots of myopic transactions. (bounded rationality) To answer you question
—I agree with you second part on myopic’s but don’t see how it is a problem for G&L. Sophisticateds are the ones driving the evolution of the system.
“compliance costs vs. the risk of paying more taxes” —This is why I use health savings accounts and commuter plans as an example.
“myopic” consumers —There really are no individual consumers there are transactions. Myopic transactions perhaps would be a better description. On aggregate we have lots of myopic transactions. (bounded rationality) To answer you question —I agree with you second part on myopic’s but don’t see how it is a problem for G&L. Sophisticateds are the ones driving the evolution of the system.