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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 ...
The adage was a submission credited in print to Robert J. Hanlon of Scranton, Pennsylvania, in a compilation of various jokes related to Murphy's law published in Arthur Bloch's Murphy's Law Book Two: More Reasons Why Things Go Wrong! (1980). [1] A similar quotation appears in Robert A. Heinlein's novella Logic of Empire (1941). [2]
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 ...
The observational interpretation fallacy is a cognitive bias that occurs exclusively in the medical field, leading to the mistaken interpretation of observed associations as causal relationships, negatively impacting medical guidelines, clinical decisions, and healthcare practices, potentially compromising patient safety.
It's a new year, which means anything can happen, including with people's finances. Consider This: I'm a Financial Advisor: 10 Most Awesome Things You Can Do for Your Finances in 2025 Find Out: Why...
“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.
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. [52] An indirect tactic is the rational use of the irrationalism of third parties.