Ignorance can lead to suboptimal choices from "summary" of The Economic Naturalist by Robert H. Frank
Imagine you are faced with a decision that could have significant consequences for your well-being. Now, consider that you lack crucial information that could help you make the best choice. In such a scenario, your ignorance could easily lead you to a suboptimal decision. This concept, while seemingly straightforward, carries profound implications for our everyday lives. When we are ignorant about certain factors that should inform our decisions, we are more likely to make choices that are not in our best interest. This is especially true in the realm of economics, where decisions are often based on complex information and trade-offs. Without a clear understanding of the relevant factors at play, we are essentially operating in the dark, making it more likely that we will end up with suboptimal...
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