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From Data to Decision: The Three Elements of Policymaking Illustrated by The Case of Global Warming

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  • Erling Røed Larsen

Abstract

This article studies the process from data acquisition to policy decisions exemplified by studying an optimum policy on global warming. Policymakers must be reasonably skeptical before proposing remedies to curb warming, but policymakers cannot await the final proof of any proposal’s merit. Balancing evidence with doubt requires an informed approach, in which information is converted to knowledge and used to illuminate and compare human welfare connected to different scenarios. This article suggests, normatively, three essential elements for data based policies: evidence, consequence, and strategy. The presented framework for data based policymaking combines results from decision theory, economics, and political theory.

Suggested Citation

  • Erling Røed Larsen, 2003. "From Data to Decision: The Three Elements of Policymaking Illustrated by The Case of Global Warming," Nordic Journal of Political Economy, Nordic Journal of Political Economy, vol. 29, pages 133-154.
    • Handle: RePEc:noj:journl:v:29:y:2003:p:133-154
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    More about this item

    Keywords

    data based; decision making; global warming; loss function; policymaking; social welfare; strategy; type-I error;
    All these keywords.

    JEL classification:

    • C44 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Operations Research; Statistical Decision Theory
    • D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy Formulation and Implementation
    • H10 - Public Economics - - Structure and Scope of Government - - - General
    • Q28 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Government Policy

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