para homens de barba rija…

“…Do you (a) help all twenty people and change the rules so that the same problem doesn’t happen again, essentially forgiving and forgetting, letting bygones be bygones in the interest of stabilizing the economy and preventing harm to the rest of the group, or do you (b) help nobody to make sure that we don’t bail out the undeserving member of the group and create moral hazard problems going forward. The uncertainty here is whether or not regulatory changes, or changes instituted by the private sector to protect itself, will actually prevent the problem from emerging again in the future. But so long as you can effectively prevent the behavior from reemerging, then I think the choice of (a) is the correct choice. If you cannot be sure that the behavior can be prevented in the future (a) might still be the correct choice, but the cost-benefit calculation becomes a bit more complicated because the moral hazard cost must be factored into the analysis (with a change in the rules that is effective moral hazard doesn’t matter because the behavior cannot be repeated). I would still choose (a) in the present situation, but the choice isn’t as obvious…”

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