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In: Journal of institutional and theoretical economics: JITE, Band 165, Heft 1, S. 146
ISSN: 1614-0559
This paper develops a broad theme about policy choice under ambiguity through study of a particular decision criterion. The broad theme is that, where feasible, choice between a status quo policy and an innovation is better framed as selection of a treatment allocation than as a binary decision. Study of the static minimax-regret criterion and its adaptive extension substantiate the theme. When the optimal policy is ambiguous, the static minimax-regret allocation always is fractional absent large fixed costs or deontological considerations. In dynamic choice problems, the adaptive minimax-regret criterion treats each cohort as well as possible, given the knowledge available at the time, and maximizes intertemporal learning about treatment response.
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In: NBER Working Paper No. w14396
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In: NBER Working Paper No. w13312
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In: The economic journal: the journal of the Royal Economic Society, Band 116, Heft 515, S. F347-F350
ISSN: 1468-0297
In: The economic journal: the journal of the Royal Economic Society, Band 116, Heft 515, S. F385-F401
ISSN: 1468-0297
In: American economic review, Band 95, Heft 2, S. 122-126
ISSN: 1944-7981
In: NBER Working Paper No. w11675
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In: American economic review, Band 91, Heft 2, S. 103-106
ISSN: 1944-7981
In: The journal of human resources, Band 31, Heft 4, S. 709
ISSN: 1548-8004
In: Economics of education review, Band 11, Heft 4, S. 351-369
ISSN: 0272-7757
In: The journal of human resources, Band 24, Heft 3, S. 343
ISSN: 1548-8004
In: Economics of education review, Band 8, Heft 4, S. 305-312
ISSN: 0272-7757
In: The Bell journal of economics, Band 10, Heft 1, S. 211
In: International Economic Review, Band 50, Heft 4, S. 1013-1041
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