Optimal Destabilisation, Active Learning and the Choice of Step Length in Policy Reform
A theoretical model is presented in which the decision maker's choice of step length for reform is allowed to depend on the consequences which this is expected to have for the accuracy of information about the structure of the economy. Also, destabilisation by means of introducing variance into policies, is desirable under some circumstances since it speeds up the learning process.
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|Date of creation:||1985|
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Web page: http://www2.warwick.ac.uk/fac/soc/economics/
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