Muddling-Through and Deep Learning for Managing Large-Scale Uncertain Risks
Bibliographic Data
| ID | 13037372 |
|---|---|
| Authors | Tony Cox (Cox & Company (United States), corresponding author) |
| Year | 2019 |
| Volume | 10 |
| Issue | 2 |
| Pages | 226-250 |
| Publication date | 2019-01-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Journal of Benefit-Cost Analysis (JOURNAL) |
| Journal identifiers | ISSN: 2152-2812 • E-ISSN: 2194-5888 |
| Publisher | Cambridge University Press (CUP) (PUBLISHER) |
| DOI | 10.1017/bca.2019.17 |
| OpenAlex | W2970262212 |
| Language | EN |
| Citations received | 2 |
| References cited | 41 |
Managing large-scale, geographically distributed, and long-term risks arising from diverse underlying causes – ranging from poverty to underinvestment in protecting against natural hazards or failures of sociotechnical, economic, and financial systems – poses formidable challenges for any theory of effective social decision-making. Participants may have different and rapidly evolving local information and goals, perceive different opportunities and urgencies for actions, and be differently aware of how their actions affect each other through side effects and externalities. Six decades ago, political economist Charles Lindblom viewed “rational-comprehensive decision-making” as utterly impracticable for such realistically complex situations. Instead, he advocated incremental learning and improvement, or “muddling through,” as both a positive and a normative theory of bureaucratic decision-making when costs and benefits are highly uncertain. But sparse, delayed, uncertain, and incomplete feedback undermines the effectiveness of collective learning while muddling through, even if all participant incentives are aligned; it is no panacea. We consider how recent insights from machine learning – especially, deep multiagent reinforcement learning – formalize aspects of muddling through and suggest principles for improving human organizational decision-making. Deep learning principles adapted for human use can not only help participants in different levels of government or control hierarchies manage some large-scale distributed risks, but also show how rational-comprehensive decision analysis and incremental learning and improvement can be reconciled and synthesized
Business · Economics · Government (linguistics · Incentive · Knowledge management · Management science · Microeconomics · Normative · Panacea (medicine · Political science · Reinforcement learning · Risk analysis (engineering · Scale (ratio · Social learning · Sociotechnical system · Complex Systems and Decision Making · Computer Science · Experimental Behavioral Economics Studies · Innovation, Sustainability, Human-Machine Systems · Law · Artificial Intelligence
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Exploration and Exploitation in Organizational Learning
Utilitarian Aggregation of Beliefs and Tastes
"The Science of "Muddling Through
Dilemmas in a general theory of planning
Policy transfer or policy churn? Institutional isomorphism and neoliberal convergence in the transport sector
| Unique citing works | 2 |
|---|---|
| Citations per year | 0,29 |
| Citation span | 2019 - 2024 (6) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 2 |