A model of sequential crisis management
By: Li, Fei and Zhou, Jidong
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Material type: 
BookPublisher: American Economic Journal: Microeconomics Description: 15(4), Nov, 2023: p.319-349.
In:
American Economic Journal: MicroeconomicsSummary: We propose a model of how multiple societies respond to a common crisis. A government faces a "damned-either-way" policymaking dilemma: aggressive intervention contains the crisis, but the resulting good outcome makes people skeptical about the costly response; light intervention worsens the crisis and causes the government to be faulted for not doing enough. When multiple societies encounter the crisis sequentially, due to this policymaking dilemma, late societies may underperform despite having more information, while early societies can benefit from a dynamic counterfactual effect.- Reproduced
https://www.aeaweb.org/articles?id=10.1257/mic.20220107
| Item type | Current location | Call number | Vol info | Status | Date due | Barcode |
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Articles
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Indian Institute of Public Administration | 15(4), Nov, 2023: p.319-349 | Available | AR131040 |
We propose a model of how multiple societies respond to a common crisis. A government faces a "damned-either-way" policymaking dilemma: aggressive intervention contains the crisis, but the resulting good outcome makes people skeptical about the costly response; light intervention worsens the crisis and causes the government to be faulted for not doing enough. When multiple societies encounter the crisis sequentially, due to this policymaking dilemma, late societies may underperform despite having more information, while early societies can benefit from a dynamic counterfactual effect.- Reproduced
https://www.aeaweb.org/articles?id=10.1257/mic.20220107
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