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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.
Rational ignorance does not predict any systemic biases in voter beliefs. Rather, it is consistent with voters having beliefs that are wrong in random ways with no overall direction of bias. Rational irrationality, on the other hand, predicts that systemic biases are apt to occur in areas where the policies that feel good are systemically ...
Imagine there's a game where one person is placed in a room and assigned the role of the "sender." A second person in a different room is assigned the role of "receiver." The sender is given $20 ...
Occurs when someone who does something good gives themselves permission to be less good in the future. Non-adaptive choice switching After experiencing a bad outcome with a decision problem, the tendency to avoid the choice previously made when faced with the same decision problem again, even though the choice was optimal.
Ignorance is the natural state of mankind, and most of us will forever be ignorant about most subjects—economists call this “rational ignorance,” which reflects the fact that there is not ...
Therefore, humans do not undertake a full cost-benefit analysis to determine the optimal decision, but rather, choose an option that fulfills their adequacy criteria. [ 2 ] Some models of human behavior in the social sciences assume that humans can be reasonably approximated or described as rational entities, as in rational choice theory or ...
Irrational behavior can be useful when used tactically in certain conflict, game and escape situations. The moves of an irrational opponent are not (or only very limitedly) predictable. An irrational negotiator cannot be put under rational pressure. [55] An indirect tactic is the rational use of the irrationalism of third parties.
The original position (OP), often referred to as the veil of ignorance, is a thought experiment often associated with the works of American philosopher John Rawls. In the original position, one is asked to consider which principles they would select for the basic structure of society, but they must select as if they had no knowledge ahead of ...