Uncertainty 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
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
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