Profiling Problems With Partially Identified Structure
AbstractThis article studies two classes of profiling problems where the relevant structural inputs to the problems may be only partially identified: that where profilees are not 'strategic' in altering their characteristics and that where profilees strategically alter their characteristics at a cost. The analysis is unified by assuming there is a utilitarian planner that attempts to optimise the sum of welfare. We compare maximin solutions and minimax-regret solutions in two contexts. An unexpected feature of the minimax-regret solution is that a minimax-regret planner may end up learning unknown features of the population it faces rather quickly relative to a maximin planner. Copyright 2006 The Author(s). Journal compilation Royal Economic Society 2006.
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Bibliographic InfoArticle provided by Royal Economic Society in its journal The Economic Journal.
Volume (Year): 116 (2006)
Issue (Month): 515 (November)
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Other versions of this item:
- Brock,W.A., 2004. "Profiling problems with partially identified structure," Working papers 21, Wisconsin Madison - Social Systems.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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- Brock,W.A. & Durlauf,S.N., 2004. "Macroeconomics and model uncertainty," Working papers 20, Wisconsin Madison - Social Systems.
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