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econ.EM2025
Risk-Adjusted Policy Learning and the Social Cost of Uncertainty: Theory and Evidence from CAP evaluation
Giovanni Cerulli, Francesco Caracciolo
This paper develops a risk-adjusted alternative to standard optimal policy learning (OPL) for observational data by importing Roy's (1952) safety-first principle into the treatment…
econ.EM2025
Optimal Policy Learning for Multi-Action Treatment with Risk Preference using Stata
Giovanni Cerulli
This paper presents the Stata community-distributed command "opl_ma_fb" (and the companion command "opl_ma_vf"), for implementing the first-best Optimal Policy Learning (OPL) algor…