Hidden Bibliographic Details
| Other authors / contributors: | International Monetary Fund. Middle Eastern Department.
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| ISBN: | 1451894066
9781451894066
1281961604
9781281961600
1462353053
9781462353057
1452721017
9781452721019
9786613793799
6613793795
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| Notes: | Includes bibliographical references (pages 51-55).
Restrictions unspecified
Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010.
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212
English.
digitized 2010 HathiTrust Digital Library committed to preserve
Print version record.
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| Summary: | Ambiguity, as opposed to uncertainty, reflects lack of sufficient information about distribution and payoffs of infrequent events. Reforms are infrequent events, undertaken in ambiguous second-best environments where bad reform outcomes are feasible. A general case for the gradualist reform strategy is that it may pay to defer some reforms until relevant information about possible reform outcomes and associated probabilities is revealed, and ambiguity is reduced over time. Gradualism may dominate the big bang strategy, if some of the reforms in a reform sequence are not sure bets and waiting costs do not dominate reversal costs under some information sets forthcoming over time. The relation to Ellsberg's Paradox is discussed. Some cases for and against gradualism are reviewed.
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| Other form: | Print version: Erbas, S. Nuri. Primer on reforms in a second-best ambiguous environment. [Washington, D.C.] : International Monetary Fund, ©2002
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| Standard no.: | 10.5089/9781451894066.001
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