We consider the problem of repeatedly choosing policies to maximize social welfare. Welfare is a weighted sum of private utility and public revenue. Earlier outcomes inform later policies. Utility is not observed, but indirectly inferred. Response functions are learned through experimentation.
Adaptive Maximization of Social Welfare / N. Cesa Bianchi, R. Colomboni, M. Kasy. - In: ECONOMETRICA. - ISSN 0012-9682. - 93:3(2025), pp. 1073-1104. [10.3982/ECTA22351]
Adaptive Maximization of Social Welfare
N. Cesa BianchiPrimo
;R. ColomboniPenultimo
;
2025
Abstract
We consider the problem of repeatedly choosing policies to maximize social welfare. Welfare is a weighted sum of private utility and public revenue. Earlier outcomes inform later policies. Utility is not observed, but indirectly inferred. Response functions are learned through experimentation.
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