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DTSTAMP:20220812T074334Z
LOCATION:Foyer 2nd Floor
DTSTART;TZID=Europe/Stockholm:20220628T090000
DTEND;TZID=Europe/Stockholm:20220628T110000
UID:submissions.pasc-conference.org_PASC22_sess181_pos107@linklings.com
SUMMARY:P02 - Robust Decision-Making under Risk and Ambiguity
DESCRIPTION:Poster\n\nP02 - Robust Decision-Making under Risk and Ambiguit
 y\n\nBlesch, Eisenhauer\n\nEconomists often estimate economic models on da
 ta and use the point estimates as a stand-in for the truth when studying t
 he model’s implications for optimal decision-making. This practice ignores
  model ambiguity, exposes the decision problem to misspecification, and ul
 timately leads to post-decision disappointment. Using statistical decision
  theory, we develop a framework to explore, evaluate, and optimize robust 
 decision rules that explicitly account for estimation uncertainty. We show
  how to operationalize our analysis by studying robust decisions in a stoc
 hastic dynamic investment model in which a decision-maker directly account
 s for uncertainty in the model’s transition dynamics.
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