Status quo deference and policy choice under ambiguity

Research output: Contribution to journalReview articlepeer-review

6 Scopus citations

Abstract

Institutions for collective decisionmaking often defer to the status quo, granting it a privileged position relative to proposed policy innovations. The possible benefits of status quo deference must be weighed against a cost: status quo deference can prevent a society from learning the merits of innovations. This paper explores the potential for learning through adaptive diversification of treatment choice in decision systems that feature status quo deference. I first reviewthe basic elements of my earlier analysis of adaptive diversification by a planner and then extend the analysis to two collective decision processes, voting and bilateral negotiation.

Original languageEnglish (US)
Pages (from-to)116-128
Number of pages13
JournalJournal of Institutional and Theoretical Economics
Volume169
Issue number1
DOIs
StatePublished - Mar 1 2013

ASJC Scopus subject areas

  • Economics and Econometrics

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