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Toward the Integration of Policymaking Models and Economic Models

Author

Listed:
  • Ben Wise
  • Andrew Howe
  • Brian Efird

    (King Abdullah Petroleum Studies and Research Center)

Abstract

The traditional economic approach to policy analysis is to utilize tools and methods developed within the field of economics and study the economic impact of one or more policies solely from an economic perspective. As a consequence, the “policies” are usually formulated and evaluated only by an assessment of the pure economic optimality of expected outcomes. Moreover, economic models typically treat policy choices as exogenously specified. Once policies are selected according to some exogenous process, then scenario analysis can be performed to simulate the economic impact of those policies.

Suggested Citation

  • Ben Wise & Andrew Howe & Brian Efird, 2017. "Toward the Integration of Policymaking Models and Economic Models," Methodology Papers ks--2017-mp03, King Abdullah Petroleum Studies and Research Center.
    • Handle: RePEc:prc:mpaper:ks--2017-mp03
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    File URL: https://www.kapsarc.org/research/publications/toward-the-integration-of-policymaking-models-and-economic-models/
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