Policy Gambles

Policy-making is an uncertain process, with policy makers often lacking a clear blueprint on the appropriate choice to be made. This uncertainty is rife in all arenas of policy-making. An issue of central importance in the political economy of policy-making regards the factors that influence a gover...

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Bibliographic Details
Published in:The American economic review 2004-09, Vol.94 (4), p.1207-1222
Main Authors: Majumdar, Sumon, Mukand, Sharun W.
Format: Article
Language:English
Subjects:
Conservatism
Economic costs
Economic policy
Economic reform
Experimentation
Experiments
Government
Government initiatives
Government policy
Incentives
Incumbents
Learning
Neoliberalism
Policy making
Political economy
Political leadership
Politicians
Politics
Presidents
Privatization
Propriety
Public assistance programs
Shorter Papers
Studies
Transition economies
Uncertainty
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Summary:Policy-making is an uncertain process, with policy makers often lacking a clear blueprint on the appropriate choice to be made. This uncertainty is rife in all arenas of policy-making. An issue of central importance in the political economy of policy-making regards the factors that influence a government's incentive to engage in policy experimentation and learn from the information so generated. In addressing this, the paper takes a first step towards developing a framework to analyze a government's incentive for learning and policy experimentation.
ISSN:0002-8282
1944-7981
DOI:10.1257/0002828042002624