Uncertainty and decision-making during a crisis: How to make policy decisions in the COVID-19 context?

Loïc Berger, Nicolas Berger, Valentina Bosetti, Itzhak Gilboa, Lars Hansen, Christopher Jarvis, Massimo Marinacci and Richard D. Smith

No 666, Working Papers from IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University

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

Date: 2020
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Working Paper: Uncertainty and Decision-Making During a Crisis: How to Make Policy Decisions in the COVID-19 Context? (2020)
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