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Rational policymaking during a pandemic

Author

Listed:
  • Loic BERGER

    (CNRS, IESEG School of Management, University of Lille, UMR 9221 -LEM, 59000 Lille, France; RFF-CMCC European Institute on Economics and the Environment (EIEE), Centro Euro-Mediterraneo sui Cambiamenti Climatici, 20123 Milan, Italy)

  • Nicolas BERGER

    (Faculty of Public Health and Policy, London School of Hygiene & Tropical Medicine, WC1H 9SH, London, UK; Sciensano (Belgian Scientific Institute of Public Health), 1050 Brussels, Belgium)

  • Valentina BOSETTI

    (RFF-CMCC European Institute on Economics and the Environment (EIEE), Centro Euro-Mediterraneo sui Cambiamenti Climatici, 20123 Milan, Italy; Department of Economics and IGIER, Bocconi University, 20136 Milan, Italy)

  • Itzhak GILBOA

    (HEC, Paris-Saclay, 78350 Jouy-en-Josas, France; Eitan Berglas School of Economics, Tel Aviv University, Tel Aviv 69978, Israel)

  • Lars Peter HANSEN

    (Department of Economics, University of Chicago, Chicago, IL 60637; Department of Statistics, University of Chicago, Chicago, IL 60637; Booth School of Business, University of Chicago, Chicago, IL 60637)

  • Christopher JARVIS

    (Department of Infectious Disease Epidemiology, London School of Hygiene & Tropical Medicine, WC1E 7HT, London, UK)

  • Massimo MARINACCI

    (Department of Decision Sciences and IGIER, Universita Bocconi, 20136 Milan, Italy)

  • Richard D. Smith

    (Faculty of Public Health and Policy, London School of Hygiene & Tropical Medicine, WC1H 9SH, London, UK; College of Medicine and Health, University of Exeter, Exeter, EX1 2LU, UK)

Abstract

Policymaking during a pandemic can be extremely challenging. As COVID-19 is a new disease and its global impacts are unprecedented, decisions are taken in a highly uncertain, complex, and rapidly changing environment. In such a context, in which human lives and the economy are at stake, we argue that using ideas and constructs from modern decision theory, even informally, will make policymaking a more responsible and transparent process.

Suggested Citation

  • Loic BERGER & Nicolas BERGER & Valentina BOSETTI & Itzhak GILBOA & Lars Peter HANSEN & Christopher JARVIS & Massimo MARINACCI & Richard D. Smith, 2020. "Rational policymaking during a pandemic," Working Papers 2020-iRisk-01, IESEG School of Management.
    • Handle: RePEc:ies:wpaper:e202008
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    RePEc Biblio mentions

    As found on the RePEc Biblio, the curated bibliography for Economics:
    1. > Economics of Welfare > Health Economics > Economics of Pandemics > Policy responses
    2. > Economics of Welfare > Health Economics > Economics of Pandemics > Policy responses

    Citations

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    Cited by:

    1. William Brock & Anastasios Xepapadeas, 2025. "Land Use, Climate Change and the Emergence of Infectious Diseases: A Synthesis," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 88(3), pages 795-854, March.
    2. Robin L. Dillon & Vicki M. Bier & Richard Sheffield John & Abdullah Althenayyan, 2023. "Closing the Gap Between Decision Analysis and Policy Analysts Before the Next Pandemic," Decision Analysis, INFORMS, vol. 20(2), pages 109-132, June.
    3. Greenhalgh, Trisha & Engebretsen, Eivind, 2022. "The science-policy relationship in times of crisis: An urgent call for a pragmatist turn," Social Science & Medicine, Elsevier, vol. 306(C).
    4. William Brock & Anastasios Xepapadeas, 2023. "Natural world preservation and infectious diseases: Land-use, climate change and innovation," DEOS Working Papers 2319, Athens University of Economics and Business.
    5. Maximilian Blesch & Philipp Eisenhauer, 2021. "Robust decision-making under risk and ambiguity," Papers 2104.12573, arXiv.org, revised Oct 2021.
    6. Philipp Eisenhauer & Janos Gabler & Lena Janys, 2021. "Structural Models for Policy-Making: Coping with Parametric Uncertainty," ECONtribute Discussion Papers Series 082, University of Bonn and University of Cologne, Germany.
    7. William Brock & Anastasios Xepapadeas, 2022. "Climate Change, Natural World Preservation and the Emergence and Containment of Infectious Diseases," DEOS Working Papers 2232, Athens University of Economics and Business.
    8. Eisenhauer, Philipp & Gabler, Janos & Janys, Lena, 2021. "Structural Models for Policy-Making: Coping with Parametric Uncertainty," IZA Discussion Papers 14317, Institute of Labor Economics (IZA).
    9. Ceron, Federica & Vergopoulos, Vassili, 2022. "Objective rationality and recursive multiple priors," Journal of Mathematical Economics, Elsevier, vol. 102(C).
    10. Philipp Eisenhauer & Jano's Gabler & Lena Janys & Christopher Walsh, 2021. "Structural models for policy-making: Coping with parametric uncertainty," Papers 2103.01115, arXiv.org, revised Jun 2022.
    11. Maximilian Blesch & Philipp Eisenhauer, 2021. "Robust Decision-Making Under Risk and Ambiguity," ECONtribute Discussion Papers Series 104, University of Bonn and University of Cologne, Germany.

    More about this item

    Keywords

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    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health

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