Bryan Caplan’s The Myth of the Rational Voter popularizes the “near-neoclassical” demand curve for irrationality. This article attempts to show that there is a demand for irrationality at prices higher than zero. This may change policy implications. Many instances of consumer behavior, such as paying a premium for locally produced and “fair trade” goods, the use of local currencies, and the failure to vaccinate children, are other instances of the means-ends irrationality that Caplan observes in political markets.
Consumer behavior, public choice, rational irrationality, rationality, voter behavior
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Murphy, Ryan, "The willingness-to-pay for Caplanian irrationality" (2015). O'Neil Center for Global Markets and Freedom Research. 16.