Economics, Econometrics and Finance
8 years ago

Uncertainty in decision-making poses risk to welfare measurement and policy

Cambridge University Press eBooks
Risk and the measurement of welfare change
Caroline L. Dinwiddy, Francis Teal

Paper Summary

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The article discusses how decision-makers often lack complete information when making choices, leading to risks in both individual decisions and public policies. This means that uncertainty about future outcomes is always present, making it challenging to accurately measure the impact of welfare changes.