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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.

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Metadaten
Author: Jan SchnellenbachORCiD
DOI:https://doi.org/10.1007/s00191-004-0231-y
ISSN:0936-9937
Title of the source (English):Journal of Evolutionary Economics
Document Type:Scientific journal article peer-reviewed
Language:English
Year of publication:2005
Contributing Corporation:Philipps-University Marburg
Tag:Collective beliefs; Collective learning; Economic policy; Model uncertainty
Volume/Year:15
Issue number:1
First Page:101
Last Page:116
Faculty/Chair:Fakultät 5 Wirtschaft, Recht und Gesellschaft / FG VWL, insbesondere Mikroökonomik
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