The Method of Randomization, Economic Policy, and Reasoned Intuition

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dc.creatorBasu, Kaushik
dc.date2014-02-05T19:02:45Z
dc.date2014-02-05T19:02:45Z
dc.date2013-12
dc.date.accessioned2026-07-01T00:49:07Z
dc.descriptionThe 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.
dc.formatapplication/pdf
dc.formattext/plain
dc.identifierhttp://documents.worldbank.org/curated/en/2013/12/18640166/method-randomization-economic-policy-reasoned-intuition
dc.identifierhttps://hdl.handle.net/10986/16938
dc.identifierhttps://doi.org/10.1596/1813-9450-6722
dc.identifier.urihttp://hdl.handle.net/123456789/411471
dc.languageEnglish
dc.languageen_US
dc.publisherWorld Bank, Washington, DC
dc.relationPolicy Research Working Paper;No. 6722
dc.rightsCC BY 3.0 IGO
dc.rightshttp://creativecommons.org/licenses/by/3.0/igo/
dc.rightsWorld Bank
dc.subjectANALOGY
dc.subjectARTIFICIAL INTELLIGENCE
dc.subjectATTENTION
dc.subjectBELIEFS
dc.subjectCOMMON SENSE
dc.subjectDEBT
dc.subjectDECISION MAKING
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPMENT ECONOMICS
dc.subjectDEVELOPMENT POLICY
dc.subjectDISCOVERY
dc.subjectDISCRIMINATION
dc.subjectDISCUSSION
dc.subjectDOMAINS
dc.subjectDRUGS
dc.subjectECONOMIC MODELS
dc.subjectECONOMICS RESEARCH
dc.subjectEXTERNALITIES
dc.subjectFEED
dc.subjectGAME THEORY
dc.subjectGDP
dc.subjectGLOBAL POVERTY
dc.subjectHEURISTICS
dc.subjectHUMAN BEINGS
dc.subjectHUMAN KNOWLEDGE
dc.subjectHUMAN MIND
dc.subjectIDEA
dc.subjectIDEAS
dc.subjectIMAGINATION
dc.subjectINFERENCE
dc.subjectINSIGHTS
dc.subjectINTUITION
dc.subjectJOB CREATION
dc.subjectKIDS
dc.subjectKNOWLEDGE ACQUISITION
dc.subjectKNOWLEDGE FROM EXPERIENCE
dc.subjectLABOR MARKET
dc.subjectLARGE POPULATION
dc.subjectLARGE POPULATIONS
dc.subjectLEARNING
dc.subjectLOGIC
dc.subjectLOTTERY
dc.subjectMACROECONOMICS
dc.subjectMEMORY
dc.subjectMORAL RESPONSIBILITY
dc.subjectNUMBER OF DEATHS
dc.subjectOLDER PERSONS
dc.subjectPOLICY DECISIONS
dc.subjectPOLICY DISCUSSIONS
dc.subjectPOLICY MAKERS
dc.subjectPOLICY RESEARCH
dc.subjectPOLICY RESEARCH WORKING PAPER
dc.subjectPOLITICAL ECONOMY
dc.subjectPRACTITIONERS
dc.subjectPRIVATE SECTOR
dc.subjectPROGRESS
dc.subjectPSYCHOLOGY
dc.subjectPUBLIC AFFAIRS
dc.subjectPUBLIC HEALTH
dc.subjectPUBLIC POLICY
dc.subjectQUALITY OF LIFE
dc.subjectREASONING
dc.subjectRESPONSIBILITY OF INDIVIDUALS
dc.subjectSCHOOL ATTENDANCE
dc.subjectSCHOOL CHILDREN
dc.subjectSIDE EFFECTS
dc.subjectSOCIAL IDENTITY
dc.subjectSOCIAL SCIENCES
dc.subjectSTATUS OF WOMEN
dc.subjectSTRATEGIC THINKING
dc.subjectSYMBOLS
dc.subjectTHINKING
dc.subjectTRAITS
dc.subjectWELFARE ECONOMICS
dc.subjectWOMAN
dc.subjectWOMEN LEADERS
dc.subjectYOUNG WOMEN
dc.subjectcausality
dc.subjectrandomization
dc.titleThe Method of Randomization, Economic Policy, and Reasoned Intuition

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