@techreport{Manski2008Adaptive,
abstract = {This paper develops a broad theme about policy choice under ambiguity through study of a particular decision criterion. The broad theme is that, where feasible, choice between a status quo policy and an innovation is better framed as selection of a treatment allocation than as a binary decision. Study of the static minimax-regret criterion and its adaptive extension substantiate the theme. When the optimal policy is ambiguous, the static minimax-regret allocation always is fractional absent large fixed costs or deontological considerations. In dynamic choice problems, the adaptive minimax-regret criterion treats each cohort as well as possible, given the knowledge available at the time, and maximizes intertemporal learning about treatment response.},
address = {London},
author = {Charles F. Manski},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
doi = {10.1920/wp.cem.2008.1008},
keywords = {D7; H0; 330; Entscheidungstheorie; Politik; Pr\"{a}ferenztheorie},
language = {eng},
number = {CWP10/08},
publisher = {Centre for Microdata Methods and Practice},
title = {Adaptive partial policy innovation: Coping with ambiguity through diversification},
type = {cemmap working paper},
url = {http://hdl.handle.net/10419/64719},
year = {2008}
}
