The Method of Randomization, Economic Policy, and Reasoned Intuition
The method of randomization has been a major driver in the recent rise to prominence of empirical development economics. It has helped uncover patterns and facts that had earlier escaped attention. But it has also given rise to heated debate and co...
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| Format: | Policy Research Working Paper |
| Language: | English en_US |
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World Bank, Washington, DC
2014
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| Online Access: | http://documents.worldbank.org/curated/en/2013/12/18640166/method-randomization-economic-policy-reasoned-intuition http://hdl.handle.net/10986/16938 |
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okr-10986-169382021-04-23T14:03:33Z The Method of Randomization, Economic Policy, and Reasoned Intuition Basu, Kaushik ANALOGY ARTIFICIAL INTELLIGENCE ATTENTION BELIEFS COMMON SENSE DEBT DECISION MAKING DEVELOPING COUNTRIES DEVELOPMENT ECONOMICS DEVELOPMENT POLICY DISCOVERY DISCRIMINATION DISCUSSION DOMAINS DRUGS ECONOMIC MODELS ECONOMICS RESEARCH EXTERNALITIES FEED GAME THEORY GDP GLOBAL POVERTY HEURISTICS HUMAN BEINGS HUMAN KNOWLEDGE HUMAN MIND IDEA IDEAS IMAGINATION INFERENCE INSIGHTS INTUITION JOB CREATION KIDS KNOWLEDGE ACQUISITION KNOWLEDGE FROM EXPERIENCE LABOR MARKET LARGE POPULATION LARGE POPULATIONS LEARNING LOGIC LOTTERY MACROECONOMICS MEMORY MORAL RESPONSIBILITY NUMBER OF DEATHS OLDER PERSONS POLICY DECISIONS POLICY DISCUSSIONS POLICY MAKERS POLICY RESEARCH POLICY RESEARCH WORKING PAPER POLITICAL ECONOMY PRACTITIONERS PRIVATE SECTOR PROGRESS PSYCHOLOGY PUBLIC AFFAIRS PUBLIC HEALTH PUBLIC POLICY QUALITY OF LIFE REASONING RESPONSIBILITY OF INDIVIDUALS SCHOOL ATTENDANCE SCHOOL CHILDREN SIDE EFFECTS SOCIAL IDENTITY SOCIAL SCIENCES STATUS OF WOMEN STRATEGIC THINKING SYMBOLS THINKING TRAITS WELFARE ECONOMICS WOMAN WOMEN LEADERS YOUNG WOMEN causality randomization The method of randomization has been a major driver in the recent rise to prominence of empirical development economics. It has helped uncover patterns and facts that had earlier escaped attention. But it has also given rise to heated debate and controversy. This paper evaluates the method of randomization and concludes that, while the method of randomization is the gold standard for description, it is not able to demonstrate causality. Nor does it, in itself, lead to policy conclusions, as is often claimed by its advocates. To get to policy conclusions requires combining the findings of randomized experiments with human intuition, which, being founded in evolution, has innate strengths. Moreover, even non-randomized empirical methods combined with reasoned intuition can help in crafting development policy. 2014-02-05T19:02:45Z 2014-02-05T19:02:45Z 2013-12 http://documents.worldbank.org/curated/en/2013/12/18640166/method-randomization-economic-policy-reasoned-intuition http://hdl.handle.net/10986/16938 English en_US Policy Research Working Paper;No. 6722 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ANALOGY ARTIFICIAL INTELLIGENCE ATTENTION BELIEFS COMMON SENSE DEBT DECISION MAKING DEVELOPING COUNTRIES DEVELOPMENT ECONOMICS DEVELOPMENT POLICY DISCOVERY DISCRIMINATION DISCUSSION DOMAINS DRUGS ECONOMIC MODELS ECONOMICS RESEARCH EXTERNALITIES FEED GAME THEORY GDP GLOBAL POVERTY HEURISTICS HUMAN BEINGS HUMAN KNOWLEDGE HUMAN MIND IDEA IDEAS IMAGINATION INFERENCE INSIGHTS INTUITION JOB CREATION KIDS KNOWLEDGE ACQUISITION KNOWLEDGE FROM EXPERIENCE LABOR MARKET LARGE POPULATION LARGE POPULATIONS LEARNING LOGIC LOTTERY MACROECONOMICS MEMORY MORAL RESPONSIBILITY NUMBER OF DEATHS OLDER PERSONS POLICY DECISIONS POLICY DISCUSSIONS POLICY MAKERS POLICY RESEARCH POLICY RESEARCH WORKING PAPER POLITICAL ECONOMY PRACTITIONERS PRIVATE SECTOR PROGRESS PSYCHOLOGY PUBLIC AFFAIRS PUBLIC HEALTH PUBLIC POLICY QUALITY OF LIFE REASONING RESPONSIBILITY OF INDIVIDUALS SCHOOL ATTENDANCE SCHOOL CHILDREN SIDE EFFECTS SOCIAL IDENTITY SOCIAL SCIENCES STATUS OF WOMEN STRATEGIC THINKING SYMBOLS THINKING TRAITS WELFARE ECONOMICS WOMAN WOMEN LEADERS YOUNG WOMEN causality randomization |
| spellingShingle |
ANALOGY ARTIFICIAL INTELLIGENCE ATTENTION BELIEFS COMMON SENSE DEBT DECISION MAKING DEVELOPING COUNTRIES DEVELOPMENT ECONOMICS DEVELOPMENT POLICY DISCOVERY DISCRIMINATION DISCUSSION DOMAINS DRUGS ECONOMIC MODELS ECONOMICS RESEARCH EXTERNALITIES FEED GAME THEORY GDP GLOBAL POVERTY HEURISTICS HUMAN BEINGS HUMAN KNOWLEDGE HUMAN MIND IDEA IDEAS IMAGINATION INFERENCE INSIGHTS INTUITION JOB CREATION KIDS KNOWLEDGE ACQUISITION KNOWLEDGE FROM EXPERIENCE LABOR MARKET LARGE POPULATION LARGE POPULATIONS LEARNING LOGIC LOTTERY MACROECONOMICS MEMORY MORAL RESPONSIBILITY NUMBER OF DEATHS OLDER PERSONS POLICY DECISIONS POLICY DISCUSSIONS POLICY MAKERS POLICY RESEARCH POLICY RESEARCH WORKING PAPER POLITICAL ECONOMY PRACTITIONERS PRIVATE SECTOR PROGRESS PSYCHOLOGY PUBLIC AFFAIRS PUBLIC HEALTH PUBLIC POLICY QUALITY OF LIFE REASONING RESPONSIBILITY OF INDIVIDUALS SCHOOL ATTENDANCE SCHOOL CHILDREN SIDE EFFECTS SOCIAL IDENTITY SOCIAL SCIENCES STATUS OF WOMEN STRATEGIC THINKING SYMBOLS THINKING TRAITS WELFARE ECONOMICS WOMAN WOMEN LEADERS YOUNG WOMEN causality randomization Basu, Kaushik The Method of Randomization, Economic Policy, and Reasoned Intuition |
| relation |
Policy Research Working Paper;No. 6722 |
| description |
The method of randomization has been a
major driver in the recent rise to prominence of empirical
development economics. It has helped uncover patterns and
facts that had earlier escaped attention. But it has also
given rise to heated debate and controversy. This paper
evaluates the method of randomization and concludes that,
while the method of randomization is the gold standard for
description, it is not able to demonstrate causality. Nor
does it, in itself, lead to policy conclusions, as is often
claimed by its advocates. To get to policy conclusions
requires combining the findings of randomized experiments
with human intuition, which, being founded in evolution, has
innate strengths. Moreover, even non-randomized empirical
methods combined with reasoned intuition can help in
crafting development policy. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Basu, Kaushik |
| author_facet |
Basu, Kaushik |
| author_sort |
Basu, Kaushik |
| title |
The Method of Randomization, Economic Policy, and Reasoned Intuition |
| title_short |
The Method of Randomization, Economic Policy, and Reasoned Intuition |
| title_full |
The Method of Randomization, Economic Policy, and Reasoned Intuition |
| title_fullStr |
The Method of Randomization, Economic Policy, and Reasoned Intuition |
| title_full_unstemmed |
The Method of Randomization, Economic Policy, and Reasoned Intuition |
| title_sort |
method of randomization, economic policy, and reasoned intuition |
| publisher |
World Bank, Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2013/12/18640166/method-randomization-economic-policy-reasoned-intuition http://hdl.handle.net/10986/16938 |
| _version_ |
1764434992129114112 |