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Model uncertainty and policy choice: A plea for integrated subjectivism

机译:模型的不确定性和政策选择:呼吁综合主观主义

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A question at the intersection of scientific modeling and public choice is how to deal with uncertainty about model predictions. This "high-level" uncertainty is necessarily value-laden, and thus must be treated as irreducibly subjective. Nevertheless, formal methods of uncertainty analysis should still be employed for the purpose of clarifying policy debates. I argue that such debates are best informed by models which integrate objective features (which model the world) with subjective ones (modeling the policy-maker). This integrated subjectivism is illustrated with a case study from the literature on monetary policy. The paper concludes with some morals for the use of models in determining climate policy.
机译:科学建模与公共选择相交的一个问题是如何处理有关模型预测的不确定性。这种“高层”的不确定性必然会带来价值,因此必须将其视为不可还原的主观。尽管如此,仍应采用正式的不确定性分析方法来澄清政策辩论。我认为,这类辩论最好通过将客观特征(对世界进行建模)与主观特征(对决策者进行建模)相结合的模型来提供。货币政策文献中的案例研究说明了这种综合的主观主义。本文总结了使用模型确定气候政策的一些道理。

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