Do I spend this time and energy on this thing or that thing? So I think, you know, another advantage, perhaps less, you know, less realized than just influencing the outcome of an election is gaining a better understanding of the political landscape. And a lot of times, it's accompanied by strong emotional responses. In line with this theory, the concept of rational ignorance is also framed. But this is not what Paul has in mind. which basically means that when the cost of acquiring information exceeds the value of that information, it's rational to remain ignorant. Again, it is necessary to examine irrationality first. Two primary principles supplement Rawls' veil of ignorance: the . People find more common ground on these issues of how they'd like to be treated and the world that they want to live in. But I'm pretty confident now that I'm not going to make a really bad decision, you know, whatever I do is going to be good enough. People aren't just rationally ignorant about politics and economics; they also seem to be rationally ignorant about religion. But that's also one of my favorite things about philosophy. 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In turn, health and life are indissoluble concepts. I see this as two different issues. Is it misinformation? And I mean, I've even seen you drive through the south, you'll see flags up about which one you are, or there was a guy in North Carolina that had a rock sculpture built in the shape of one of the, you know, the symbols, the, the trademarks are not trademarks, but the icons for one of the, I'm a Ford guy, I'm just a Ford guy. And he's been talking to his dad and his dad said, you know, gee, you know, when your mother and I first got married, we were living in an apartment, and I painted the whole apartment. So a lot of what we get from personal contacts is confirming information. An example of rational ignorance would be that of a student who has just finished his studies at the institute and decides to stop studying to find a job as soon as possible and be able to emancipate because he considers that studying for at least another 4 years to be able to aspire to a job that could be better paid, study to work on what you think would be your vacation, or simply to acquire new knowledge that could be valuable and interesting to you, does not compensate all the money you must invest and the hours of study you must spend to take out the race. And I think when people start to think of their democratic obligations as optional, right, then what we see is the erosion that we've largely seen, or people sometimes complain that they don't find it pleasant or enjoyable. And, you know, I think that politics has perhaps never been more tumultuous or threatening to our country. And so you know, if you identify as a conservative or liberal or Republican or Democrat, or whatever it is, you know, you're not going to back off of that very easily. I think we may return to this because there's a lot more to talk about with respect to rational ignorance, so maybe we can do it from time to time. And we rely on probabilities. Until when I when I hear people say, you know, well, we should absolutely do this. That's, yeah, that's really interesting about privacy, that that would be another good topic for us. Ignorance is the lack of information. I'm guessing there are. Rational ignorance is an idea from economics, that basically means there is a limit to what we need to know. Well, it is, it's hard to give up on those things. I mean, there was an opportunity to manage this much more effectively, and it has been managed much more effectively in other countries. rational ignorance 19 : We begin with the well-established idea of the rational ignorance of Ignorance about an issue is said to be "rational" when the cost of educating oneself about the issue sufficiently to make an informed decision can outweigh any potential benefit one could . But there's a cost to that as well, you've got to go find out or talk to somebody who's knowledgeable. deviating from rational expectations--is modeled as a normal good. And one person can't understand what the other person did, but they're really always, you know, are multiple points of view. There were a lot of people, I think, in the 2016 election that voted for Trump, because Trump was not Hillary Clinton, and so they were not Hillary vote. That means the reasons of rational ignorance of the conservative republican and that from the democrat will be completely different. We We've all experienced that where you're in a meeting, and somebody goes off on a rant, and you can just watch people shut down. So how about you? According to economists, rational ignorance is a voter's decision to remain uninformed because the marginal cost of obtaining information is higher than the marginal benefit of knowing it. And that's why I think it's so fun to have these opportunities to come together and talk with people that don't necessarily see the world in the same way that we do. He's enjoying doing this. So I hope all of these people end up in leadership positions, and in one way or another. It was, you know, we don't, we don't have certainty about these things. - Definition & Philosophy, Rationalism vs. Empiricism: Similarities & Differences, Instrumental Rationality: Definition & Examples, Value Rationality vs. So I decided I'm you know, I'm doing this all the time, I want to buy a good bike, I spent hour after hour after hour researching robots. I mean, we use that as a pejorative, right? But that's okay. Transcribed image text: Rational Ignorance is: A) an oxymoron. But if you tell me that so and so has never changed their position or their opinion, then I'll say they've never learned anything. The process of rational decision making favors logic objectivity and analysis over subjectivity and insight. This is particularly true of public ignorance about political issues. Rational ignorance is refraining from acquiring knowledge when the supposed cost of educating oneself on an issue exceeds the expected potential benefit that the knowledge would provide. The first answer is a self-interested bias that support that people tend to hold political belief that, if generally accepted, would benefit themselves or the group they identify with. Oh, no, I was just thinking, you know, we were talking about this, we were talking about, you know, other kinds of ignorance. By being ignorant of our circumstances, we can more objectively consider how societies should operate. Rational Irrationality or Radical Ignorance? Dr. Downs defined it as "refraining from acquiring knowledge when the supposed cost of educating oneself on an issue exceeds the expected potential benefit that the knowledge would provide." This concept is particularly associated with politics. Leftover units of products 5 and 6 must be destroyed. And whether you want to be maybe whether you want to be an expert or a generalist, I think that's, that's another question. And so until we can restore some level of stability, and that doesn't mean, you know, stability is not agreement, it's not agreement, it's just what we are going to agree on is that we're going to have some level of respect and at least some level of open mindedness, you know, rather than thinking you're an awful person, because you disagree with so I really think that's the most important job in the in the us right now. An effect produced when people purposely and rationally decide not to become informed on an issue because they believe that their vote on the issue is not likely to be a deciding one; a lack of incentive to seek the necessary information to cast an intelligent vote. All right. And so I just have to share that, you know, I'm, I'm a Subaru person, but I intend fully to be a Tesla person and have my order in for a cyber truck. And so if we look at the private value, what what we get out of it personally, it doesn't make sense to spend any time doing a lot of research about these things, because there's no payoff. The same as in the previous case occurs when choosing the food to buy. In this episode Andrea and Craig explore the concept of rational ignorance. Policies favor interest groups at the expense of the general population 3. Here's the whole point of learning is to adjust your positions to be more aligned with who you want to be and the kind of world you want to have. Rational ignorance makes sense in this scenario, since it would be unreasonable for the agents to know all the alternatives. Some people living in states may not feel like it's worth their time to learn about the presidential candidates. The best protection against click fraud. I think that it can be and I think that if we really thought it through, and realize that we all have the capacity and the power to participate in our communities, that the you know, the opportunity to democratically engage is the opportunity to have a voice in shaping the world around you. Do people who vote do so in a rational way? Using rational ignorance is a point of reference when making decisions that has its benefits in certain situations. Bryan Caplan was an economist who coined the term rational irrationality. But then the question becomes like, is this really what you want to learn about? And so well, I live in Louisiana, Louisiana is not a swing state and presidential election. And it's less obvious. A Good Example Of Rational Ignorance Whenever political scientists want to demonstrate how little the public knows about politics, one of the statistics they're fond of pulling out is that more. That's how I'm going to vote. So I'm a Ford guy, just because like this is the way I identified as a person has to do with the region where I was the friends that I had, which of these identities that I adopted, and it actually has nothing to do with the car that you drive. Yeah, that's a really interesting point, Craig, and you actually reminded me of a book that I'm reading right now. This is because the cost of acquiring that knowledge is higher than the benefit it generates. So I'm going to support the candidates that believe the same way I do on immigration, you know, whatever it might be, and you tend to see that in conversations with people is a lot of them will, they'll they'll latch on to one thing. ) & Production Cost ($) So, you know, there's so much emphasis right now on joining aside or being polarized, but really, I think, if we could, if we could learn to listen, and not, and not necessarily come to agreement, but to improve our understanding of different perspectives, you know, it would really it would be good for the world. Because as long as you get you have these barriers that we seem to have now, you know, we don't get anywhere we just keep living in our echo chambers and getting these self reinforcing biased bits of information. So trauma. The reality is that, in America, the vast majority of time, politics is unimportant, and their "ignorance" is in fact the rational response. And I think that it's hard for us to separate sometimes. Sure? Rational ignorance. But really, if you can temper that, and really listen to what someone who has a different point of view thinks and why they think that it's a real opportunity to expand your horizons and just increase your understanding of the world, right, and other people, and then I think we can, you know, figure out how to live with each other more effectively. No, that's okay. And it is that making a decision from rational ignorance, although in the short term it may seem advantageous in terms of saving time and/or money, in the long term could be harmful in the sense that it would be more beneficial for your health to choose healthier foods, and for this, you should look at other factors, such as the ingredients that different products contain, instead of being based only on one ingredient such as sugar or simply on the price. Economists have applied the concept of rational ignorance, especially on the social level. Well, don't be ignorant. And this is kind of the seminal work that people point back to as the origin. So I think you're right, the problem with the personal contacts is that they tend to be people like us. But you know that what, what bothers me is the level of certainty that we sometimes hear people at least imply when they talk about the future. But do we find out anything that's actually true about the candidates? Its been concluded that rational ignorance at the collective level can be useful in economic terms. And I really think we need economic reform. No matter how smart we are, all of us are ignorant about the vast majority of the information out there. Andrea, what you introduced me to this term, so why don't you talk about what it is what it means to you? Or at least, if they do vote, they do so on the basis of minimal information. And so we should not have this, you know, this dogmatic I know, about the future because you don't? And you know, sometimes it's just want to hire someone you would think, or, you know, not research all the possible ways that there is to do something. Rational Ignorance Effect. The paradigm sounds familiar if you think about how typical agents care about their own pleasures or pains. Group of answer choices It explains why voters are swayed by single-issue voting. Not to know? For instance, if they only buy processed products, because they can be prepared faster, they may be compromising their health. And what she was communicating besides her, her frustration of having to listen to me babble on about stuff she didn't care about was was, look, you're spending way too much time on this, you can't possibly get enough benefit out of, you know, further research into this, just go buy something. And I think that one of the reasons that President Trump lost the 2020 election is because there were a lot of people that were not Trump folks. It's called let the people pick the president, the case for abolishing the Electoral College. And you're going to find these these issue groups exist to paint a particular picture. So I don't want us to paint it as being bad, especially at the individual level it it's kind of a survival mechanism. According to Caplan, many voting practices are harmful when they are compounded. It doesn't matter whether the process seems rational to someone else or not. But it would be would it be better for me to, to direct that towards learning a new psychological, or a new philosophical approach or something like that? And, you know, even if you're a supporter of President Trump, I think we'd have to admit that he kind of screwed the pooch, in a number of ways on the COVID response, you know, the economy, which was his big thing suffered, until the world changed, because of COVID-19, the world changed on 911, you know that a lot, that things can change very quickly. Widespread political ignorance is a menace regardless of whether it is rational or inadvertent. And I think that, you know, there are really, there are really so many to know, and I'll just give you, you know, two examples, one that reminds me of your research, you know, I think about, you know, Matt's research, here, we're putting new doors and at the house, and he's getting plain knotty alder doors and staining them, and he's seen in each one, and I am amazed at the variety of ways in which it is possible to be in a door. But the difference between the two explanations for it matters. And what they do is they bring people together, to engage in dialogue. It explains why many people do not vote. Emotional and Rational Decisions: Which Are Better? And so that's one question. It also means making a contrast between the different proposals and deciding on the one that best meets their expectations and interests. The problem is that it isnt viewed in that way because the consequences arent clearly detectable. And one of the things that I think we're trying to do in this podcast is tell people what they do need to know, and also what they don't need to know. So I think you could make an argument against getting ready to get rid of the Electoral College, because at least now, what was it a few 1000 votes in some of the states, you know, at least kind of matters in those states? Revista Espaola de Financiacin y Contabilidad, 469-497. Efecto de la informacin asimtrica sobre el riesgo y el comportamiento de las sociedades de garanta recproca: un anlisis emprico.