"The Economics of Morality: Evaluating Living Wages Policies." Compare pseudo, formal, and decision-theoretic evaluation. Which evaluation method do you think would be most effective to determine whether the living wage policies had the intended effect?
I think decision-theoretic evaluation is the best method to evaluate the impact of living wage since it gives reliable data and information on the policy outcomes after involving all stakeholders. In addition, it gives a clear cut solution that stakeholders face, unlike formal and pseudo methods which use the same methods based on assumptions that may contain errors. The method considers the opinion, goals, and objectives of all stakeholders since every member has a stake in the implementation of the policies (Dunn, 2016). It brings on surface and makes clear every opinion of the middle and lower-level staff, personnel from other agencies and client groups by proper utilization of information generated through evaluation.
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According to Pallis and Batalla (2016), decision-theoretic evaluation serves to collect deficiencies of other methods that do not sufficiently respond to the goals of determining proper evaluation methods that will address the effect of living wage policies. The method has no ambiguity and is structured with specific objectives that do not conflict with each other. The evaluation criterion is effective, efficient, adequate and appropriate to give the desired results that are accurate and reliable (Madan et al., 2016). The method is preferred in linking information about policy outcomes through evaluation assessment and multi-attribute analysis while considering the values of all stakeholders.
Decision theoretic ensures there is a clearly articulated program with specific goals that link information with the values of multiple stakeholders (Zhao & Hu, 2020). To conduct a proper evaluation, the analysts follow some specified steps that guide the assessment for policy implementation. The steps include specification of program policy, collection of information, program modeling, evaluation assessment and feedback from evaluation to the users. All stakeholders are involved, relevant decisions are made, and policy outcomes are determined. Therefore, decision-theoretic is the best method to determine whether living wages had an impact on the lives of workers at all levels.
References
Dunn, W. N. (2016). Policy Analysis in the Policy-Making Process. Public policy analysis: an introduction , 2 , 1-30.
Pallis, E., & Batalla, J. M. (2016, April). Towards the evaluation of a big data-as-a-service model: a decision-theoretic approach. In 2016 IEEE Conference on Computer Communications Workshops (INFOCOM WKSHPS) (pp. 877-883).
Madan, J., Miller, F & Stallard, N. (2016). Decision-theoretic designs for small trials and pilot studies: a review. Statistical methods in medical research , 25 (3), 1022-1038.
Zhao, X, & Hu, B. (2020). Three-way decisions with decision-theoretic rough sets in multiset-valued information tables. Information Sciences , 507 , 684-699.
