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Viewpoint: Decision-making in committees

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  • Li Hao
  • Wing Suen

Abstract

This article reviews recent developments in the theory of committee decision-making. A committee consists of self-interested members who make a public decision by aggregating imperfect information dispersed among them according to a pre-specified decision rule. We focus on costly information acquisition, strategic information aggregation, and rules and processes that enhance the quality of the committee decision. Seeming inefficiencies of the committee decision-making process such as over-cautiousness, voting, and delay emerge as partial remedies to these incentive problems.

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Bibliographic Info

Article provided by Canadian Economics Association in its journal Canadian Journal of Economics.

Volume (Year): 42 (2009)
Issue (Month): 2 (May)
Pages: 359-392

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Handle: RePEc:cje:issued:v:42:y:2009:i:2:p:359-392

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Cited by:
  1. Triossi, Matteo, 2013. "Costly information acquisition. Is it better to toss a coin?," Games and Economic Behavior, Elsevier, Elsevier, vol. 82(C), pages 169-191.
  2. Rune Midjord & Tomas Rodriguez Barraquer & Justin Valasek, 2013. "Over-Caution of Large Committees of Experts," Discussion Paper Series, The Center for the Study of Rationality, Hebrew University, Jerusalem dp654, The Center for the Study of Rationality, Hebrew University, Jerusalem.
  3. Tymofiy Mylovanov & Andriy Zapechelnyuk, 2010. "Decision Rules for Experts with Opposing Interests," Working Papers, Queen Mary, University of London, School of Economics and Finance 674, Queen Mary, University of London, School of Economics and Finance.
  4. Midjord, Rune & Rodríguez Barraquer, Tomás & Valasek, Justin, 2013. "Over-caution of large committees of experts," Discussion Papers, Research Unit: Economics of Change SP II 2013-313, Social Science Research Center Berlin (WZB).
  5. Rune Midjord & Tomás Rodríguez Barraquer & Justin Mattias Valasek, 2014. "Over-Caution of Large Committees of Experts," CESifo Working Paper Series 4810, CESifo Group Munich.
  6. Hahn, Volker, 2012. "On the Optimal Size of Committees of Experts," Annual Conference 2012 (Goettingen): New Approaches and Challenges for the Labor Market of the 21st Century 62041, Verein für Socialpolitik / German Economic Association.
  7. Rothenhäusler, Dominik & Schweizer, Nikolaus & Szech, Nora, 2013. "Institutions, shared guilt, and moral transgression," Working Paper Series in Economics 47, Karlsruhe Institute of Technology (KIT), Department of Economics and Business Engineering.
  8. Rothenhäusler, Dominik & Schweizer, Nikolaus & Szech, Nora, 2013. "Institutions, shared guilt, and moral transgression," Discussion Papers, Research Unit: Economics of Change SP II 2013-305, Social Science Research Center Berlin (WZB).

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