Deliberation, Information Aggregation and Collective Decision Making
AbstractWe study a model of collective decision making with endogenous information collection. Agents collect information about the consequences of a project, communicate, and then vote on the project. We examine under what conditions communication may increase the probability that good decisions are made. Our most surprising result is that when there are no direct cost of communication and communication can only help to identify the truth, more communication may reduce the probability that a correct decision is made. The reason for this result is that communication may aggravate the free-rider problem associated with collecting information.
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Bibliographic InfoPaper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 02-006/1.
Date of creation: 22 Jan 2002
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Uncertainty; Deliberation; Learning; Collective decision making;
Find related papers by JEL classification:
- D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy-Making and Implementation
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
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- Jan Marc Berk & Beata K. Bierut, 2005. "Communication in Monetary Policy Committees," DNB Working Papers 059, Netherlands Central Bank, Research Department.
- Jan Marc Berk & Beata K. Bierut, 2004.
"The Effects of Learning in Interactive Monetary Policy Committees,"
Tinbergen Institute Discussion Papers
04-029/2, Tinbergen Institute.
- Jan Marc Berk & Beata K. Bierut, 2004. "The effects of Learning in Interactive Monetary Policy Committees," MEB Series (discontinued) 2004-01, Netherlands Central Bank, Monetary and Economic Policy Department.
- Jan Marc Berk & Beata Bierut, 2009. "Communication in a monetary policy committee: a note," DNB Working Papers 226, Netherlands Central Bank, Research Department.
- Jan Marc Berk & Beata Bierut, 2004. "On the Optimality of Decisions," Tinbergen Institute Discussion Papers 04-120/2, Tinbergen Institute.
- Jan Marc Berk & Beata K. Bierut, 2003.
"Committee structure and its implications for Monetary policy decision-making,"
MEB Series (discontinued)
2003-05, Netherlands Central Bank, Monetary and Economic Policy Department.
- Berk, J.M. & Bierut, B.K., 2003. "Committee structure and its implications for monetary policy decision-making," Serie Research Memoranda 0006, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
- Jan Marc Berk & Beata K. Bierut, 2003. "Committee Structure and its Implications for Monetary Policy Decision-making," Tinbergen Institute Discussion Papers 03-053/2, Tinbergen Institute.
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