Jan 21, 2016 09:35
Rational choice theories are those that reason about behaviour based on those in the system acting on rationally to achieve their own interests. Rational ignorance is when you are ignorant about something, but the cost of addressing that ignorance is larger than the possible gains from knowing the answer. Rational irrationality is when you have a mild preference for a irrational belief and the cost of holding that irrational belief is small enough that you don't care if it is irrational or not.