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Decision Making and Learning in a Globalizing World

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  • Otto H. Swank
  • Bauke Visser

Abstract

Decision-makers can benefit from the experience of others with solutions to common problems. If a best practice exists, the challenge is to recognize it and to ensure its diffusion. Information about different solutions is often dispersed, and decision-makers may be reluctant to switch for reputational reasons. We study how (i) the assignment of decision rights (who decides on the solutions.implementation?) and (ii) globalization (who knows what about solutions adopted in other places?) in.uence both the quality of the information on locally adopted solutions that decision-makers exchange and the quality of the solutions that are actually being used next.

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Bibliographic Info

Paper provided by European University Institute in its series Economics Working Papers with number ECO2009/20.

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Date of creation: 2009
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Handle: RePEc:eui:euiwps:eco2009/20

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Keywords: centralization; decentralization; learning; cheap talk; reputational concerns; globalization; health care consensus panels; EU Open Method of Coordination;

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  1. Paul R. Milgrom & John Roberts, 1985. "Relying on the Information of Interested Parties," Cowles Foundation Discussion Papers 749, Cowles Foundation for Research in Economics, Yale University.
  2. Andrea Prat, 2004. "The wrong kind of transparency," LSE Research Online Documents on Economics 24712, London School of Economics and Political Science, LSE Library.
  3. Smith, L. & Sorensen, P., 1996. "Pathological Outcomes of Observational Learning," Working papers 96-19, Massachusetts Institute of Technology (MIT), Department of Economics.
  4. Meirowitz, Adam, 2006. "Designing Institutions to Aggregate Preferences and Information," International Quarterly Journal of Political Science, now publishers, vol. 1(4), pages 373-392, October.
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  6. Friebel, Guido & Raith, Michael, 2006. "Resource Allocation and Firm Scope," CEPR Discussion Papers 5763, C.E.P.R. Discussion Papers.
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  9. Heikki Rantakari, 2008. "Governing Adaptation -super-1," Review of Economic Studies, Oxford University Press, vol. 75(4), pages 1257-1285.
  10. Sushil Bikhchandani & David Hirshleifer & Ivo Welch, 1998. "Learning from the Behavior of Others: Conformity, Fads, and Informational Cascades," Journal of Economic Perspectives, American Economic Association, vol. 12(3), pages 151-170, Summer.
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  12. Phelps, Charles E., 2000. "Information diffusion and best practice adoption," Handbook of Health Economics, in: A. J. Culyer & J. P. Newhouse (ed.), Handbook of Health Economics, edition 1, volume 1, chapter 5, pages 223-264 Elsevier.
  13. Gerardi, Dino & Yariv, Leeat, 2007. "Deliberative voting," Journal of Economic Theory, Elsevier, vol. 134(1), pages 317-338, May.
  14. Otto H. Swank & Bauke Visser, 2008. "Is Transparency to No Avail? Committee Decision-Making, Pre-Meetings, and Credible Deals," Economics Working Papers ECO2008/18, European University Institute.
  15. Bo\u{g}açhan Çelen & Shachar Kariv & Andrew Schotter, 2010. "An Experimental Test of Advice and Social Learning," Management Science, INFORMS, vol. 56(10), pages 1687-1701, October.
  16. Ottaviani, Marco & Sorensen, Peter, 2001. "Information aggregation in debate: who should speak first?," Journal of Public Economics, Elsevier, vol. 81(3), pages 393-421, September.
  17. Ricardo Alonso & Wouter Dessein & Niko Matouschek, 2008. "When Does Coordination Require Centralization?," American Economic Review, American Economic Association, vol. 98(1), pages 145-79, March.
  18. Suurmond, Guido & Swank, Otto H. & Visser, Bauke, 2004. "On the bad reputation of reputational concerns," Journal of Public Economics, Elsevier, vol. 88(12), pages 2817-2838, December.
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