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2007
- ISIDORE Id: 10670/1.3d1cf4...
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Daniel Laskar, « Uncertainty and Different Beliefs on the Effects of Economic Policy », Revue économique, ID : 10670/1.3d1cf4...
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We consider a model where there exists an uncertainty on whether economic policy has an effect or not. There are two potential policymakers, one being more “sceptical” about the existence of this effect. Among these two policymakers, which one does society prefer? The paper underlines that the answer depends on whether some “ambiguity aversion” is introduced in the analysis. Under a bayesian approach, where ambiguity aversion is absent, the more activist policymaker is prefered. The opposite result is obtained when the ambiguity aversion of society is large enough. Classification JEL: E52, E58.
