Economics

Charles F. Manski

Status Quo Deference and Policy Choice under Ambiguity

Volume 169 () / Issue 1, pp. 116-128 (13)

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Institutions for collective decision making 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 review the 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.
Authors/Editors

Charles F. Manski No current data available.