Uncertainty in Policy Making
Uncertainty in Policy Making

Author: Michael Heazle

Publisher: Routledge

Published: 2012-08-21

Total Pages: 205

ISBN-13: 1136530320

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Uncertainty in Policy Making explores how uncertainty is interpreted and used by policy makers, experts and politicians. It argues that conventional notions of rational, evidence-based policy making - hailed by governments and organisations across the world as the only way to make good policy - is an impossible aim in highly complex and uncertain environments; the blind pursuit of such a 'rational' goal is in fact irrational in a world of competing values and interests. The book centres around two high-profile and important case studies: the Iraq war and climate change policy in the US, UK and Australia. Based on three years' research, including interviews with experts such as Hans Blix, Paul Pillar, and Brian Jones, these two case studies show that the treatment of uncertainty issues in specialist advice is largely determined by how well the advice fits with or contradicts the policy goals and orientation of the policy elite. Instead of allowing the debates to be side-tracked by arguments over whose science or expert advice is 'more right', we must accept that uncertainty in complex issues is unavoidable and recognise the values and interests that lie at the heart of the issues. The book offers a 'hedging' approach which will enable policy makers to manage rather than eliminate uncertainty.

Decision Making Under Uncertainty
Decision Making Under Uncertainty

Author: Mykel J. Kochenderfer

Publisher: MIT Press

Published: 2015-07-24

Total Pages: 350

ISBN-13: 0262331713

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An introduction to decision making under uncertainty from a computational perspective, covering both theory and applications ranging from speech recognition to airborne collision avoidance. Many important problems involve decision making under uncertainty—that is, choosing actions based on often imperfect observations, with unknown outcomes. Designers of automated decision support systems must take into account the various sources of uncertainty while balancing the multiple objectives of the system. This book provides an introduction to the challenges of decision making under uncertainty from a computational perspective. It presents both the theory behind decision making models and algorithms and a collection of example applications that range from speech recognition to aircraft collision avoidance. Focusing on two methods for designing decision agents, planning and reinforcement learning, the book covers probabilistic models, introducing Bayesian networks as a graphical model that captures probabilistic relationships between variables; utility theory as a framework for understanding optimal decision making under uncertainty; Markov decision processes as a method for modeling sequential problems; model uncertainty; state uncertainty; and cooperative decision making involving multiple interacting agents. A series of applications shows how the theoretical concepts can be applied to systems for attribute-based person search, speech applications, collision avoidance, and unmanned aircraft persistent surveillance. Decision Making Under Uncertainty unifies research from different communities using consistent notation, and is accessible to students and researchers across engineering disciplines who have some prior exposure to probability theory and calculus. It can be used as a text for advanced undergraduate and graduate students in fields including computer science, aerospace and electrical engineering, and management science. It will also be a valuable professional reference for researchers in a variety of disciplines.

Decision Making under Deep Uncertainty
Decision Making under Deep Uncertainty

Author: Vincent A. W. J. Marchau

Publisher: Springer

Published: 2019-04-04

Total Pages: 408

ISBN-13: 3030052524

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This open access book focuses on both the theory and practice associated with the tools and approaches for decisionmaking in the face of deep uncertainty. It explores approaches and tools supporting the design of strategic plans under deep uncertainty, and their testing in the real world, including barriers and enablers for their use in practice. The book broadens traditional approaches and tools to include the analysis of actors and networks related to the problem at hand. It also shows how lessons learned in the application process can be used to improve the approaches and tools used in the design process. The book offers guidance in identifying and applying appropriate approaches and tools to design plans, as well as advice on implementing these plans in the real world. For decisionmakers and practitioners, the book includes realistic examples and practical guidelines that should help them understand what decisionmaking under deep uncertainty is and how it may be of assistance to them. Decision Making under Deep Uncertainty: From Theory to Practice is divided into four parts. Part I presents five approaches for designing strategic plans under deep uncertainty: Robust Decision Making, Dynamic Adaptive Planning, Dynamic Adaptive Policy Pathways, Info-Gap Decision Theory, and Engineering Options Analysis. Each approach is worked out in terms of its theoretical foundations, methodological steps to follow when using the approach, latest methodological insights, and challenges for improvement. In Part II, applications of each of these approaches are presented. Based on recent case studies, the practical implications of applying each approach are discussed in depth. Part III focuses on using the approaches and tools in real-world contexts, based on insights from real-world cases. Part IV contains conclusions and a synthesis of the lessons that can be drawn for designing, applying, and implementing strategic plans under deep uncertainty, as well as recommendations for future work. The publication of this book has been funded by the Radboud University, the RAND Corporation, Delft University of Technology, and Deltares.

Environmental Decisions in the Face of Uncertainty
Environmental Decisions in the Face of Uncertainty

Author: Institute of Medicine

Publisher: National Academies Press

Published: 2013-05-20

Total Pages: 280

ISBN-13: 0309290236

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The U.S. Environmental Protection Agency (EPA) is one of several federal agencies responsible for protecting Americans against significant risks to human health and the environment. As part of that mission, EPA estimates the nature, magnitude, and likelihood of risks to human health and the environment; identifies the potential regulatory actions that will mitigate those risks and protect public health1 and the environment; and uses that information to decide on appropriate regulatory action. Uncertainties, both qualitative and quantitative, in the data and analyses on which these decisions are based enter into the process at each step. As a result, the informed identification and use of the uncertainties inherent in the process is an essential feature of environmental decision making. EPA requested that the Institute of Medicine (IOM) convene a committee to provide guidance to its decision makers and their partners in states and localities on approaches to managing risk in different contexts when uncertainty is present. It also sought guidance on how information on uncertainty should be presented to help risk managers make sound decisions and to increase transparency in its communications with the public about those decisions. Given that its charge is not limited to human health risk assessment and includes broad questions about managing risks and decision making, in this report the committee examines the analysis of uncertainty in those other areas in addition to human health risks. Environmental Decisions in the Face of Uncertainty explains the statement of task and summarizes the findings of the committee.

Public Policy Analysis
Public Policy Analysis

Author: Wil A. H. Thissen

Publisher: Springer Science & Business Media

Published: 2012-10-05

Total Pages: 291

ISBN-13: 1461446015

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Traditional policy analysis approaches are characterized by a focus on system modeling and choosing among policy alternatives. While successful in many cases, this approach has been increasingly criticized for being technocratic and ignoring the behavioral and political dimensions of most policy processes. In recent decades, increased awareness of the multi-actor, multiple perspective, and poly-centric character of many policy processes has led to the development of a variety of different perspectives on the styles and roles of policy analysis, and to new analytical tools and approaches – for example, argumentative approaches, participative policy analysis, and negotiation support. As a result, the field has become multi-faceted and somewhat fragmented. Public Policy Analysis: New Developments acknowledges the variety of approaches and provides a synthesis of the traditional and new approaches to policy analysis. It provides an overview and typology of different types of policy analytic activities, characterizing them according to differences in character and leading values, and linking them to a variety of theoretical notions on policymaking. Thereby, it provides assistance to both end users and analysts in choosing an appropriate approach given a specific policy situation. By broadening the traditional approach and methods to include the analysis of actors and actor networks related to the policy issue at hand, it deepens the state of the art in certain areas. While the main focus of the book is on the cognitive dimensions of policy analysis, it also links the policy analysis process to the policymaking process, showing how to identify and involve all relevant stakeholders in the process, and how to create favorable conditions for use of the results of policy analytic efforts by the policy actors. The book has as its major objective to describe the state-of-the-art and the latest developments in ex-ante policy analysis. It is divided into two parts. Part I explores and structures policy analysis developments, the development and description of approaches to diagnose policy situations, design policy analytic efforts, and policy process conditions. Part II focuses on recent developments regarding models and modeling for policy analysis, placing modeling approaches in the context of the variety of conditions and approaches elaborated in Part I.

Decision Making Under Uncertainty in Electricity Markets
Decision Making Under Uncertainty in Electricity Markets

Author: Antonio J. Conejo

Publisher: Springer Science & Business Media

Published: 2010-09-08

Total Pages: 549

ISBN-13: 1441974210

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Decision Making Under Uncertainty in Electricity Markets provides models and procedures to be used by electricity market agents to make informed decisions under uncertainty. These procedures rely on well established stochastic programming models, which make them efficient and robust. Particularly, these techniques allow electricity producers to derive offering strategies for the pool and contracting decisions in the futures market. Retailers use these techniques to derive selling prices to clients and energy procurement strategies through the pool, the futures market and bilateral contracting. Using the proposed models, consumers can derive the best energy procurement strategies using the available trading floors. The market operator can use the techniques proposed in this book to clear simultaneously energy and reserve markets promoting efficiency and equity. The techniques described in this book are of interest for professionals working on energy markets, and for graduate students in power engineering, applied mathematics, applied economics, and operations research.

The Politics of Uncertainty
The Politics of Uncertainty

Author: Ian Scoones

Publisher: Routledge

Published: 2020-07-14

Total Pages: 288

ISBN-13: 1000163407

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Why is uncertainty so important to politics today? To explore the underlying reasons, issues and challenges, this book’s chapters address finance and banking, insurance, technology regulation and critical infrastructures, as well as climate change, infectious disease responses, natural disasters, migration, crime and security and spirituality and religion. The book argues that uncertainties must be understood as complex constructions of knowledge, materiality, experience, embodiment and practice. Examining in particular how uncertainties are experienced in contexts of marginalisation and precarity, this book shows how sustainability and development are not just technical issues, but depend deeply on political values and choices. What burgeoning uncertainties require lies less in escalating efforts at control, but more in a new – more collective, mutualistic and convivial – politics of responsibility and care. If hopes of much-needed progressive transformation are to be realised, then currently blinkered understandings of uncertainty need to be met with renewed democratic struggle. Written in an accessible style and illustrated by multiple case studies from across the world, this book will appeal to a wide cross-disciplinary audience in fields ranging from economics to law to science studies to sociology to anthropology and geography, as well as professionals working in risk management, disaster risk reduction, emergencies and wider public policy fields.

Risk, Choice, and Uncertainty
Risk, Choice, and Uncertainty

Author: George G. Szpiro

Publisher: Columbia University Press

Published: 2020-01-07

Total Pages: 413

ISBN-13: 0231550979

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At its core, economics is about making decisions. In the history of economic thought, great intellectual prowess has been exerted toward devising exquisite theories of optimal decision making in situations of constraint, risk, and scarcity. Yet not all of our choices are purely logical, and so there is a longstanding tension between those emphasizing the rational and irrational sides of human behavior. One strand develops formal models of rational utility maximizing while the other draws on what behavioral science has shown about our tendency to act irrationally. In Risk, Choice, and Uncertainty, George G. Szpiro offers a new narrative of the three-century history of the study of decision making, tracing how crucial ideas have evolved and telling the stories of the thinkers who shaped the field. Szpiro examines economics from the early days of theories spun from anecdotal evidence to the rise of a discipline built around elegant mathematics through the past half century’s interest in describing how people actually behave. Considering the work of Locke, Bentham, Jevons, Walras, Friedman, Tversky and Kahneman, Thaler, and a range of other thinkers, he sheds light on the vast scope of discovery since Bernoulli first proposed a solution to the St. Petersburg Paradox. Presenting fundamental mathematical theories in easy-to-understand language, Risk, Choice, and Uncertainty is a revelatory history for readers seeking to grasp the grand sweep of economic thought.

Advances in Decision Making Under Risk and Uncertainty
Advances in Decision Making Under Risk and Uncertainty

Author: Mohammed Abdellaoui

Publisher: Springer Science & Business Media

Published: 2008-08-29

Total Pages: 245

ISBN-13: 3540684360

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Whether we like it or not we all feel that the world is uncertain. From choosing a new technology to selecting a job, we rarely know in advance what outcome will result from our decisions. Unfortunately, the standard theory of choice under uncertainty developed in the early forties and fifties turns out to be too rigid to take many tricky issues of choice under uncertainty into account. The good news is that we have now moved away from the early descriptively inadequate modeling of behavior. This book brings the reader into contact with the accomplished progress in individual decision making through the most recent contributions to uncertainty modeling and behavioral decision making. It also introduces the reader into the many subtle issues to be resolved for rational choice under uncertainty.

Managing Risk and Uncertainty
Managing Risk and Uncertainty

Author: Richard Friberg

Publisher: MIT Press

Published: 2015-11-13

Total Pages: 395

ISBN-13: 0262528193

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A comprehensive framework for assessing strategies for managing risk and uncertainty, integrating theory and practice and synthesizing insights from many fields. This book offers a framework for making decisions under risk and uncertainty. Synthesizing research from economics, finance, decision theory, management, and other fields, the book provides a set of tools and a way of thinking that determines the relative merits of different strategies. It takes as its premise that we make better decisions if we use the whole toolkit of economics and related fields to inform our decision making. The text explores the distinction between risk and uncertainty and covers standard models of decision making under risk as well as more recent work on decision making under uncertainty, with a particular focus on strategic interaction. It also examines the implications of incomplete markets for managing under uncertainty. It presents four core strategies: a benchmark strategy (proceeding as if risk and uncertainty were low), a financial hedging strategy (valuable if there is much risk), an operational hedging strategy (valuable for conditions of much uncertainty), and a flexible strategy (valuable if there is much risk and/or uncertainty). The book then examines various aspects of these strategies in greater depth, building on empirical work in several different fields. Topics include price-setting, real options and Monte Carlo techniques, organizational structure, and behavioral biases. Many chapters include exercises and appendixes with additional material. The book can be used in graduate or advanced undergraduate courses in risk management, as a guide for researchers, or as a reference for management practitioners.