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Information acquisition and decision making in committees: A survey

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Author Info
Kerstin Gerling () (University of Mannheim, Department of Economics, D-68131 Mannheim, Germany.)
Hans Peter Grüner () (University of Mannheim, Department of Economics,D-68131 Mannheim, Germany.)
Alexandra Kiel () (University of Mannheim, Department of Economics, D-68131 Mannheim, Germany.)
Elisabeth Schulte () (University of Mannheim, Department of Economics, D-68131 Mannheim, Germany.)

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Abstract

This is a survey on the recent game theoretic literature on committee decision making. We consider theoretical work on the role of (i) strategic voting, (ii) costly information acquisition, (iii) conflicting interests, and (iv) communication in committees. Moreover, we review recent experimental evidence on these issues. Our analysis focuses on the optimal size, composition, and decision rules of committees. We discuss implications for the design of monetary policy committees. JEL Classification: D71; E52.

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Paper provided by European Central Bank in its series Working Paper Series with number 256.

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Length: 55 pages
Date of creation: Sep 2003
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Handle: RePEc:ecb:ecbwps:20030256

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Keywords: Committees strategic voting costly information acquisition monetary policy committees.

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. António Afonso & Ludger Schuknecht & Vito Tanzi, 2005. "Public sector efficiency: An international comparison," Public Choice, Springer, vol. 123(3), pages 321-347, June. [Downloadable!] (restricted)
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  2. Bernd Schnatz & Chiara Osbat & Rasmus Rueffer, 2003. "The rise of the Yen vis-a-vis the ('Synthetic') Euro: is it supported by economic fundamentals?," Working Paper Series 224, European Central Bank. [Downloadable!]
  3. Efrem Castelnuovo, 2004. "Describing the Fed's conduct with simple Taylor rules: is interest rate smoothing important?," Money Macro and Finance (MMF) Research Group Conference 2003 12, Money Macro and Finance Research Group. [Downloadable!]
  4. Miquel A. Leon-Ledesma & Peter McAdam, 2003. "Unemployment, hysteresis and transition," Working Paper Series 234, European Central Bank. [Downloadable!]
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  5. Ignazio Angeloni & Gunter Coenen & Frank Smets, 2003. "Persistence, The Transmission Mechanism And Robust Monetary Policy," Scottish Journal of Political Economy, Scottish Economic Society, vol. 50(5), pages 527-549, November. [Downloadable!] (restricted)
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  6. Livio Stracca & David Fielding, 2003. "Myopic loss aversion; disappointment aversion; and the equity premium puzzle," Working Paper Series 203, European Central Bank. [Downloadable!]
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  7. Inoue, Atsushi & Kilian, Lutz, 2003. "On the Selection of Forecasting Models," CEPR Discussion Papers 3809, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  8. Andrea Zaghini, 2003. "Trade advantages and specialisation dynamics in acceding countries," Working Paper Series 249, European Central Bank. [Downloadable!]
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Cited by:
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  1. Christopher Spencer, 2006. "The Dissent Voting Behaviour of Bank of England MPC Members," Department of Economics Discussion Papers 0306, Department of Economics, University of Surrey. [Downloadable!]
  2. Amihai Glazer, 2006. "Predicting Committee Action," Working Papers 050621, University of California-Irvine, Department of Economics. [Downloadable!]
  3. Helge Berger & Volker Nitsch & Tonny Lybek, 2006. "Central Bank Boards Around the World: Why Does Membership Size Differ?," IMF Working Papers 06/281, International Monetary Fund. [Downloadable!]
    Other versions:
  4. César Martinelli, 2007. "Rational ignorance and voting behavior," International Journal of Game Theory, Springer, vol. 35(3), pages 315-335, February. [Downloadable!] (restricted)
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  5. Bauke Visser & Otto H. Swank, 2005. "On Committees of Experts," Tinbergen Institute Discussion Papers 05-028/1, Tinbergen Institute. [Downloadable!]
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  6. Szilárd Erhart & Jose Luis Vasquez-Paz, 2008. "Determinants of the size of a monetary policy committee: Theory and cross country evidence," Working Papers 2008-001, Banco Central de Reserva del Perú. [Downloadable!]
  7. Jerome Mathis, 2006. "Deliberation with Partially Verifiable Information," THEMA Working Papers 2006-03, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise. [Downloadable!]
  8. Vincent Anesi, 2007. "Information Aggregation in Spatial Committee Games," Discussion Papers 2007-03, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham. [Downloadable!]
  9. Elisabeth Schulte, 2006. "Information Aggregation and Preference Heterogeneity in Committees," JEPS Working Papers 06-003, JEPS. [Downloadable!]
  10. Sibert, Anne, 2006. "Central Banking by Committee," CEPR Discussion Papers 5626, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  11. Harris, Mark & Spencer, Christopher, 2008. "Decade of dissent: explaining the dissent voting behavior of Bank of England MPC members," MPRA Paper 9100, University Library of Munich, Germany. [Downloadable!]
  12. Bhattacharjee, A. & Holly, S., 2005. "Inflation Targeting, Committee Decision Making and Uncertainty: The case of the Bank of England’s MPC," Cambridge Working Papers in Economics 0530, Faculty of Economics, University of Cambridge. [Downloadable!]
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  13. Arnab Bhattacharjee & Sean Holly, 2006. " Taking Personalities out of Monetary Policy Decision Making? Interactions, Heterogeneity and Committee Decisions in the Bank of England’s MPC," CDMA Working Paper Series 0612, Centre for Dynamic Macroeconomic Analysis. [Downloadable!]
  14. Helge Berger, 2006. "Optimal Central Bank Design: Benchmarks for the ECB," CESifo Working Paper Series CESifo Working Paper No. , CESifo GmbH. [Downloadable!]
  15. Job Swank & Otto Swank & Bauke Visser, 2006. "Transparency and Pre-meetings," Tinbergen Institute Discussion Papers 06-051/1, Tinbergen Institute. [Downloadable!]
  16. Carsten Hefeker, 2006. "EMU Enlargement, Policy Uncertainty and Economic Reforms," CESifo Working Paper Series CESifo Working Paper No. , CESifo GmbH. [Downloadable!]
  17. Helge Berger & Till Mueller, 2004. "How Should Large and Small Countries Be Represented in a Currency Union?," CESifo Working Paper Series CESifo Working Paper No. , CESifo GmbH. [Downloadable!]
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  18. Szilárd Erhart & Jose Luis Vasquez-Paz, 2007. "Optimal Monetary Policy Committee Size: Theory and Cross Country Evidence," Kiel Advanced Studies Working Papers 439, Kiel Institute for the World Economy. [Downloadable!]
    Other versions:
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