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The willingness-to-pay for Caplanian irrationality

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  • Ryan H Murphy

Abstract

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.

Suggested Citation

  • Ryan H Murphy, 2016. "The willingness-to-pay for Caplanian irrationality," Rationality and Society, , vol. 28(1), pages 52-82, February.
    • Handle: RePEc:sae:ratsoc:v:28:y:2016:i:1:p:52-82
    DOI: 10.1177/1043463115605478
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    References listed on IDEAS

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    2. Ryan H. Murphy, 2019. "The rationality of literal Tide Pod consumption," Journal of Bioeconomics, Springer, vol. 21(2), pages 111-122, July.

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