Search results
Results From The WOW.Com Content Network
Marketers can take advantage of rational ignorance by increasing the complexity of a decision. If the difference in value between a quality product and a poor product is less than the cost to perform the research necessary to differentiate between them, then it is more rational for a consumer to just take his chances on whichever of the two is more convenient and available.
Due to rational ignorance, the vast majority of voters are unaware of the effort; in fact, although voters may be aware of special-interest lobbying efforts, this may merely select for policies even harder for the general public to evaluate rather than improving their overall efficiency.
The mythological Judgement of Paris required selecting from three incomparable alternatives (the goddesses shown).. Decision theory or the theory of rational choice is a branch of probability, economics, and analytic philosophy that uses the tools of expected utility and probability to model how individuals would behave rationally under uncertainty.
Rawls coined the phrases original position and veil of ignorance. [2] However, the same thought experiment had already been described earlier in social choice by William Vickrey [3] and John Harsanyi, [4] [5] who independently derived proofs showing a rational observer in the original position would adopt a utilitarian framework. [6]
Such “rational ignorance” incentivizes politicians to promote harmful-but-popular policies. The danger of ignorance isn’t just that it leads voters to choose the “wrong” candidate.
Anthony Downs (November 21, 1930 – October 2, 2021) was an American economist specializing in public policy and public administration.His research focuses included political choice theory, rent control, affordable housing, and transportation economics.
The paradox of voting, also called Downs' paradox, is that for a rational and egoistic voter (Homo economicus), the costs of voting will normally exceed the expected benefits. Because the chance of exercising the pivotal vote is minuscule compared to any realistic estimate of the private individual benefits of the different possible outcomes ...
That day, in August 2013, Patrick got in the car and put the duffel bag on a seat. Inside was a talisman he’d been given by the treatment facility: a hardcover fourth edition of the Alcoholics Anonymous bible known as “The Big Book.”