The complexity resulting from intertwined uncertainties regarding model misspecification and mismeasurement of the … of robust policy guides aiming to maintain stability in the economy while recognizing this complexity. We document …

We develop interpretable, quantitative indices of the objective and subjective complexity of lottery choice problems … important complexity feature in the indices is a measure of the excess dissimilarity of the cumulative distribution functions of … the lotteries in the set. Using our complexity indices, we study behavioral responses to complexity out-of-sample across …