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The 2009 Lawrence R. Klein Lecture: Diversified Treatment Under Ambiguity

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  • Charles F. Manski

Abstract

This article develops a broad theme about treatment under ambiguity through study of a particular decision criterion. The broad theme is that a planner may want to cope with ambiguity by diversification, assigning observationally identical persons to different treatments. Study of the minimax-regret (MR) criterion substantiates the theme. The article significantly extends my earlier analysis of one-period planning with an individualistic treatment and a linear welfare function. I show that MR treatment allocations are fractional in a large class of planning problems with nonlinear welfare functions, interacting treatments, learning, and noncooperative aspects. Copyright © (2009) by the Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

Suggested Citation

  • Charles F. Manski, 2009. "The 2009 Lawrence R. Klein Lecture: Diversified Treatment Under Ambiguity," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 50(4), pages 1013-1041, November.
    • Handle: RePEc:ier:iecrev:v:50:y:2009:i:4:p:1013-1041
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    Citations

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    Cited by:

    1. Manski, Charles F., 2023. "Probabilistic prediction for binary treatment choice: With focus on personalized medicine," Journal of Econometrics, Elsevier, vol. 234(2), pages 647-663.
    2. Charles F. Manski, 2018. "Reasonable patient care under uncertainty," Health Economics, John Wiley & Sons, Ltd., vol. 27(10), pages 1397-1421, October.
    3. Charles F. Manski, 2017. "Improving Clinical Guidelines and Decisions under Uncertainty," NBER Working Papers 23915, National Bureau of Economic Research, Inc.
    4. Basu, Anirban, 2015. "Welfare implications of learning through solicitation versus diversification in health care," Journal of Health Economics, Elsevier, vol. 42(C), pages 165-173.
    5. Stanca, Lorenzo, 2021. "Smooth aggregation of Bayesian experts," Journal of Economic Theory, Elsevier, vol. 196(C).
    6. Steven N. Durlauf & Daniel S. Nagin, 2010. "The Deterrent Effect of Imprisonment," NBER Chapters, in: Controlling Crime: Strategies and Tradeoffs, pages 43-94, National Bureau of Economic Research, Inc.
    7. Charles F. Manski, 2017. "Optimize, satisfice, or choose without deliberation? A simple minimax-regret assessment," Theory and Decision, Springer, vol. 83(2), pages 155-173, August.
    8. Anirban Basu, 2018. "Comment: Manski's views on patient care under uncertainty," Health Economics, John Wiley & Sons, Ltd., vol. 27(10), pages 1422-1424, October.
    9. Daido Kido, 2023. "Locally Asymptotically Minimax Statistical Treatment Rules Under Partial Identification," Papers 2311.08958, arXiv.org.
    10. Massimo Marinacci, 2015. "Model Uncertainty," Journal of the European Economic Association, European Economic Association, vol. 13(6), pages 1022-1100, December.
    11. William A. Brock & Charles F. Manski, 2011. "Competitive Lending with Partial Knowledge of Loan Repayment: Some Positive and Normative Analysis," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(2‐3), pages 441-459, March.
    12. Andrews, Brendon P., 2023. "Economic Evaluation under Ambiguity and Structural Uncertainties," Working Papers 2023-9, University of Alberta, Department of Economics, revised 31 Dec 2024.
    13. Manski, Charles F., 2013. "Public Policy in an Uncertain World: Analysis and Decisions," Economics Books, Harvard University Press, number 9780674066892, Spring.
    14. Charles F. Manski, 2014. "Vaccine Approvals and Mandates Under Uncertainty: Some Simple Analytics," NBER Working Papers 20432, National Bureau of Economic Research, Inc.
    15. T. D. Pol & S. Gabbert & H.-P. Weikard & E. C. Ierland & E. M. T. Hendrix, 2017. "A Minimax Regret Analysis of Flood Risk Management Strategies Under Climate Change Uncertainty and Emerging Information," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 68(4), pages 1087-1109, December.
    16. Toru Kitagawa & Sokbae Lee & Chen Qiu, 2022. "Treatment Choice with Nonlinear Regret," Papers 2205.08586, arXiv.org, revised Oct 2024.
    17. Charles Manski, 2011. "Actualist rationality," Theory and Decision, Springer, vol. 71(2), pages 195-210, August.

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