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Model uncertainty and the rationality of economic policy

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Author Info
Jan Schnellenbach ()

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Abstract

This paper examines the process of economic policy-making under conditions of model uncertainty. A median voter model is introduced in which the electorate is uncertain of the policy measures available as well as their respective outcomes and opinion formation is a social process of communication and contagion. Learning from experience is also considered. It is shown that economic policy-making under uncertainty produces novel policy routines, but that a mechanism of efficiently utilising the generated knowledge is missing. Copyright Springer-Verlag Berlin/Heidelberg 2004

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File URL: http://hdl.handle.net/10.1007/s00191-004-0231-y
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Publisher Info
Article provided by Springer in its journal Journal of Evolutionary Economics.

Volume (Year): 15 (2004)
Issue (Month): 1 (January)
Pages: 101-116
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Handle: RePEc:spr:joevec:v:15:y:2004:i:1:p:101-116

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Related research
Keywords: Economic policy; Model uncertainty; Collective beliefs; Collective learning;

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