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rational - comprehensive decision - making

Bible DictionaryDictionary of Political Economy
A theoretical model of how public policy decisions are (or perhaps ought to be) taken. All possible options or approaches to solving the problem under study are identified and the costs and benefits of each option are assessed and compared with each other. The option that promises to yield the greatest net benefit is selected. The main problem with rational-comprehensive approaches is that it is often very costly in terms of time and other resources that must be devoted to gathering the relevant information. Often the costs and benefits of the various options are very uncertain and difficult to quantify for rigorous comparison. The costs of undertaking rational- comprehensive decision-making may themselves exceed the benefits to be gained in improved quality of decisions.

[See also: incrementalismbureaucracybureaucratic politicsorganizational process models of decision-makingsystems theory models of decision-making]


 

Economics INDEX:


List of Terms: Terms beginning with "A", Page 1

Starts With:  A B C D E F G H I J L M N O P Q R S T U V W X
Page Number:  1

A: Page 1 of 1.

AAR
AERO
APEC
Abatement
Ability-to-Pay...Absolute Advan...
Absolute advan...Abundance
Accelerator
Acid Rain
Acquired Endow...Acquittal
Adaptive Expec...Additive
Advance estima...
Adverse Select...Agency problem
Agency problem...
Agency problem...Aggregate Dema...Aggregate Expe...
Aggregate Supp...Aggregate dema...Aggregate supp...
Allocation
Allocative Eff...Ambient Charge
Anarchism
Annual input-o...Antitrust Laws
Appropriation ...Aquifer
Aristocracy
Assets
Assistance In ...Asymmetric Inf...
Authorization ...Autocracy
Average Costs
Average Produc...Average Variab...

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