Model uncertainty and the rationality of economic policy
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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Volume (Year): 15 (2004)
Issue (Month): 1 (January)
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