I would actually flip this argument on its head. Rather than arguing this is "proof" that people don't care about relative income, I would say that this is a market inefficiency waiting to be arbitraged. Cultural norms run strongly against taking up Caplan's proposal, so the vast majority of people don't. Nevertheless, very many would be…
I would actually flip this argument on its head. Rather than arguing this is "proof" that people don't care about relative income, I would say that this is a market inefficiency waiting to be arbitraged. Cultural norms run strongly against taking up Caplan's proposal, so the vast majority of people don't. Nevertheless, very many would be happy if they did so, I think. Perhaps another piece of life advice to add to the next book.
I would actually flip this argument on its head. Rather than arguing this is "proof" that people don't care about relative income, I would say that this is a market inefficiency waiting to be arbitraged. Cultural norms run strongly against taking up Caplan's proposal, so the vast majority of people don't. Nevertheless, very many would be happy if they did so, I think. Perhaps another piece of life advice to add to the next book.