Risk-Averse Welfare Maximization via Marginal Treatment Effects
利用边际处理效应实现风险厌恶福利最大化
This paper studies risk-averse treatment allocation when individuals self-select into treatment based on unobserved characteristics. We develop a framework that combines the marginal treatment effect approach to endogenous selection with a general class of coherent risk measures that capture distributional preferences over welfare outcomes. We show that the planner's problem admits equivalent interpretations in terms of uncertainty aversion, distributional robustness, and…