Not sure if there is a way to do this intra country, but if you are looking for an inter-country comparison, you might check for this criteria.
See how close is their stock market to a random walk, statistically speaking. If you have significant variation from that, then I guess there is a lot of hidden irrationality in that society.
An upwardly biased random walk? Don't we expect stock markets to go up as wealth is created?
Are certain areas of the world, specifically within the United States, more or less rational than others? If so, which ones and why? I am trying to determine what parts of the country would be ideal for me to live in the future and any help would be greatly appreciated.