Download This PaperUncertainty and Decision-Making During a Crisis: How to Make Policy Decisions in the COVID-19 Context?
32 Pages Posted: 10 Jul 2020
Date Written: July 8, 2020
Abstract
Policymaking during a pandemic can be extremely challenging. As COVID-19 is a new disease and its global impacts are unprecedented, decisions need to be made 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 more a responsible and transparent process.
Keywords: model uncertainty, ambiguity, robustness, decision rules
Suggested Citation: Suggested Citation
Berger, Loic and Berger, Nicolas and Bosetti, Valentina and Gilboa, Itzhak and Hansen, Lars Peter and Jarvis, Christopher and Marinacci, Massimo and Smith, Richard, Uncertainty and Decision-Making During a Crisis: How to Make Policy Decisions in the COVID-19 Context? (July 8, 2020). University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2020-95, Available at SSRN: https://ssrn.com/abstract=3647188 or http://dx.doi.org/10.2139/ssrn.3647188
HEC Paris - Economics & Decision Sciences
Paris
France
Lars Peter Hansen (Contact Author)
University of Chicago - Department of Economics ( email )
1101 E 58th ST
Chicago, IL 60637
United States
773-702-8170 (Phone)
773-702-8490 (Fax)
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