Final answer:
The phenomenon where perceived costs of voting outweigh the benefits is known as rational ignorance. This theory suggests that individuals choose not to become informed or vote if they believe their vote will have little impact.
Step-by-step explanation:
The phenomenon described, where the perceived costs of voting outweigh the benefits, is known as rational ignorance. According to this theory, voters recognize that their single vote is unlikely to have a decisive impact on the outcome of an election. Therefore, many individuals choose not to become informed about the candidates or participate in the voting process.
From an economic perspective, the cost of voting includes acquiring necessary information, traveling to the polling site, and waiting in line. These costs can be perceived as too high, especially when individuals believe their vote will not significantly influence the election result.
As a result, voter turnout tends to be low in many elections. This theory of rational ignorance highlights the rational decision-making process individuals undergo when deciding whether to participate in the voting process, weighing the costs against the benefits.