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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.
Ignorance is a lack of knowledge or understanding.Deliberate ignorance is a culturally-induced phenomenon, the study of which is called agnotology.. The word "ignorant" is an adjective that describes a person in the state of being unaware, or even cognitive dissonance and other cognitive relation, and can describe individuals who are unaware of important information or facts.
The reason that the least well off member gets benefited is that it is argued that under the veil of ignorance people will act as if they were risk-averse. The original position is a unique and irrevocable choice about all the most important social goods, and they do not know the probability they will become any particular member of society.
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Argument from ignorance (Latin: argumentum ad ignorantiam), or appeal to ignorance, [a] is an informal fallacy where something is claimed to be true or false because of a lack of evidence to the contrary.
A quote from Buffett that is often misunderstood is: “Diversification is protection against ignorance. It makes little sense if you know what you are doing.”
“Diversification is a protection against ignorance,” Buffett said. “I mean, if you want to make sure that nothing bad happens to you relative to the market… There's nothing wrong with that.
There is a cult of ignorance in the United States, and there has always been. The strain of anti-intellectualism has been a constant thread winding its way through our political and cultural life, nurtured by the false notion that democracy means that 'my ignorance is just as good as your knowledge'.