Main description: Econometric models are widely used in the creation and evaluation of economic policy in the public and private sectors. But these models are useful only if they adequately account for the phenomena in question, and they can be quite misleading if they do not. In response,...

Public policy setting often involves quantitative choices with quantitative outcomes. Yet unqualified statements about the precise consequences of alternative choices characterize much of the policy analysis bearing on these decisions. Public Policy in an Uncertain World: Analysis and Decisions...