Verlag:
CESifo, Center for Economic Studies & Ifo Institute, Munich
This paper proposes a decision-theoretic framework for experiment design. We model experimenters as ambiguity-averse decision-makers, who make trade-offs between subjective expected performance and robustness. This framework accounts for...
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ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
Signatur:
DS 63 (6678)
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keine Fernleihe
This paper proposes a decision-theoretic framework for experiment design. We model experimenters as ambiguity-averse decision-makers, who make trade-offs between subjective expected performance and robustness. This framework accounts for experimenters' preference for randomization, and clarifies the circumstances in which randomization is optimal: when the available sample size is large enough or robustness is an important concern. We illustrate the practical value of such a framework by studying the issue of rerandomization. Rerandomization creates a trade-off between subjective performance and robustness. However, robustness loss grows very slowly with the number of times one randomizes. This argues for rerandomizing in most environments.
Verlag:
National Bureau of Economic Research, Cambridge, Mass
Democratic representation is constrained by the alternatives available to voters. In this paper, we develop a methodology to gauge the extent to which the "supply side" of politics hinders voter welfare. Using rich data on thousands of candidates in...
mehr
ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
Fernleihe:
keine Fernleihe
Democratic representation is constrained by the alternatives available to voters. In this paper, we develop a methodology to gauge the extent to which the "supply side" of politics hinders voter welfare. Using rich data on thousands of candidates in three Brazilian legislative elections, we quantify the relative value voters place on candidates' policy positions and non-ideological attributes, and we evaluate voters' welfare given the set of candidates they face. Our estimates uncover substantial welfare losses to voters relative to three alternative benchmarks of ideal representation. On average, the typical voter suffers only a moderate loss due to policy incongruence but a large loss due to shortages in candidates' non-ideological characteristics. To evaluate the welfare consequences of potential institutional reforms, we develop and estimate a model of equilibrium policy determination. Through counterfactual experiments, we show that institutional reforms aimed at improving the quality of representation may have sizable unintended consequences due to equilibrium policy adjustments