Episode 290: Loan Forgiveness and Lying to Pollsters
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The David Duke Problem Is Explanatory
The David Duke problem is, I think, perfectly explanatory. People will give you the answer they think you want instead of the answer that they know to be correct. Part of that motivation is to please the other person. Without question, people were racist because who am I never going to vote for? Anybody who was in the clan. And yet a bunch of people said it and then turned right around and voted for David Duke anyway. That's what we call revealed preference. But what do you do when there is nothing to observe in terms of revealed preference? It's just your opinion. There is no vote being taken.
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