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Exploring the importance of behavioural endogeneity for policy projections

Author

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  • Justin van de Ven

Abstract

Behavioural endogeneity is appealing functionality for any analytical tool designed to explore the implications of public policy alternatives. This study improves the evidence base for choosing between alter- native approaches for projecting decision making by exploring two key research questions: (i) how important are the impact effects of policy change, relative to associated incentive effects; and (ii) to what extent can the over-all infTuence of behavioural responses to policy change be approximated by labour supply responses alone? Results obtained highlight the importance of selecting an analytical tool that is tailored to the subject of interest, and provide support for the view that best-practice evaluation of policy counterfactuals should consider the sensi- tivity of key results to alternative analytical approaches.

Suggested Citation

  • Justin van de Ven, 2017. "Exploring the importance of behavioural endogeneity for policy projections," National Institute of Economic and Social Research (NIESR) Discussion Papers 479, National Institute of Economic and Social Research.
    • Handle: RePEc:nsr:niesrd:479
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    More about this item

    Keywords

    dynamic microsimulation; policy evaluation; savings behaviour; labour supply;
    All these keywords.

    JEL classification:

    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • H31 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Household

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