It looks political to me. It runs counter to his whole past behavior. He's got to appeal to the [conservative] base of the party, because I don't think there is a Republican in the land who can get the nomination [voting] against the tax cuts.

Much of the previous evidence of systematically conservative behavior involves highly stylized laboratory settings with small stakes and inexperienced decision-makers devoting relatively little effort to their choices. Thus previous work provides little evidence about the strength of force pushing decision-makers toward conservatism. The results of this paper suggest that the forces may be shockingly strong.

We have seen similar behavior in the past.

We have done everything but tell you what our target is ... if you want to look at our past behavior, it's kind of magical. In the last decade (inflation excluding food and energy) has been between 1% to 2%.

Our names are labels, plainly printed on the bottled essence of our past behavior

The figures are really conservative estimates.