IDEAS home Printed from https://ideas.repec.org/a/eee/poleco/v21y2005i3p563-597.html
   My bibliography  Save this article

Information acquisition and decision making in committees: A survey

Author

Listed:
  • Gerling, Kerstin
  • Gruner, Hans Peter
  • Kiel, Alexandra
  • Schulte, Elisabeth

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
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Gerling, Kerstin & Gruner, Hans Peter & Kiel, Alexandra & Schulte, Elisabeth, 2005. "Information acquisition and decision making in committees: A survey," European Journal of Political Economy, Elsevier, vol. 21(3), pages 563-597, September.
  • Handle: RePEc:eee:poleco:v:21:y:2005:i:3:p:563-597
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0176-2680(05)00014-5
    Download Restriction: Full text for ScienceDirect subscribers only

    As the access to this document is restricted, you may want to look for a different version below or search for a different version of it.

    Other versions of this item:

    References listed on IDEAS

    as
    1. Martinelli, Cesar, 2002. "Convergence Results for Unanimous Voting," Journal of Economic Theory, Elsevier, vol. 105(2), pages 278-297, August.
    2. Klaas J. Beniers, 2004. "On the Composition of Committees," Journal of Law, Economics, and Organization, Oxford University Press, vol. 20(2), pages 353-378, October.
    3. Piketty, Thomas, 1999. "The information-aggregation approach to political institutions," European Economic Review, Elsevier, vol. 43(4-6), pages 791-800, April.
    4. repec:cup:apsrev:v:93:y:1999:i:02:p:381-398_21 is not listed on IDEAS
    5. repec:cup:apsrev:v:90:y:1996:i:01:p:34-45_20 is not listed on IDEAS
    6. Lohmann, Susanne, 1992. "Optimal Commitment in Monetary Policy: Credibility versus Flexibility," American Economic Review, American Economic Association, vol. 82(1), pages 273-286, March.
    7. Gruner, Hans Peter & Kiel, Alexandra, 2004. "Collective decisions with interdependent valuations," European Economic Review, Elsevier, vol. 48(5), pages 1147-1168, October.
    8. Ben-Yashar, Ruth C & Nitzan, Shmuel I, 1997. "The Optimal Decision Rule for Fixed-Size Committees in Dichotomous Choice Situations: The General Result," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 38(1), pages 175-186, February.
    9. Mike Felgenhauer & Hans Peter Grüner, 2008. "Committees and Special Interests," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 10(2), pages 219-243, April.
    10. Timothy Feddersen & Wolfgang Pesendorfer, 1997. "Voting Behavior and Information Aggregation in Elections with Private Information," Econometrica, Econometric Society, vol. 65(5), pages 1029-1058, September.
    11. Karotkin, Drora & Nitzan, Shmuel, 1995. "Two Remarks on the Effect of Increased Equalitarianism in Decisional Skills on the Number of Individuals That Maximizes Group Judgmental Competence," Public Choice, Springer, vol. 85(3-4), pages 307-311, December.
    12. Duggan, John & Martinelli, Cesar, 2001. "A Bayesian Model of Voting in Juries," Games and Economic Behavior, Elsevier, vol. 37(2), pages 259-294, November.
    13. 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.
    14. Martinelli, Cesar, 2006. "Would rational voters acquire costly information?," Journal of Economic Theory, Elsevier, vol. 129(1), pages 225-251, July.
    15. Daniel Seidmann, 2011. "A theory of voting patterns and performance in private and public committees," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 36(1), pages 49-74, January.
    16. repec:cup:apsrev:v:94:y:2000:i:02:p:407-423_22 is not listed on IDEAS
    17. Alan S. Blinder & John Morgan, 2000. "Are Two Heads Better Than One?: An Experimental Analysis of Group vs. Individual Decisionmaking," NBER Working Papers 7909, National Bureau of Economic Research, Inc.
    18. Coenen, Gunter & Wieland, Volker, 2003. "The zero-interest-rate bound and the role of the exchange rate for monetary policy in Japan," Journal of Monetary Economics, Elsevier, vol. 50(5), pages 1071-1101, July.
    19. Brand, Claus & Reimers, Hans-Eggert & Seitz, Franz, 2003. "Forecasting real GDP: what role for narrow money?," Working Paper Series 254, European Central Bank.
    20. Hans Gersbach & Volker Hahn, 2008. "Should the individual voting records of central bankers be published?," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 30(4), pages 655-683, May.
    21. Feddersen, Timothy J & Pesendorfer, Wolfgang, 1996. "The Swing Voter's Curse," American Economic Review, American Economic Association, vol. 86(3), pages 408-424, June.
    22. Mark Fey & Jaehoon Kim, 2002. "The Swing Voter's Curse: Comment," American Economic Review, American Economic Association, vol. 92(4), pages 1264-1268, September.
    23. Walsh, Carl E., 2003. "Comment on: The zero-interest-rate bound and the role of the exchange rate for monetary policy in Japan," Journal of Monetary Economics, Elsevier, vol. 50(5), pages 1103-1108, July.
    24. repec:cup:apsrev:v:92:y:1998:i:01:p:23-35_20 is not listed on IDEAS
    25. Milgrom, Paul R, 1979. "A Convergence Theorem for Competitive Bidding with Differential Information," Econometrica, Econometric Society, vol. 47(3), pages 679-688, May.
    26. Hao Li & Sherwin Rosen & Wing Suen, 2001. "Conflicts and Common Interests in Committees," American Economic Review, American Economic Association, vol. 91(5), pages 1478-1497, December.
    27. Faust, Jon, 1996. "Whom can we trust to run the Fed? Theoretical support for the founders' views," Journal of Monetary Economics, Elsevier, vol. 37(2-3), pages 267-283, April.
    28. Gilligan, Thomas W & Krehbiel, Keith, 1987. "Collective Decisionmaking and Standing Committees: An Informational Rationale for Restrictive Amendment Procedures," Journal of Law, Economics, and Organization, Oxford University Press, vol. 3(2), pages 287-335, Fall.
    29. Kaushik Mukhopadhaya, 2003. "Jury Size and the Free Rider Problem," Journal of Law, Economics, and Organization, Oxford University Press, vol. 19(1), pages 24-44, April.
    30. repec:cup:apsrev:v:92:y:1998:i:02:p:413-418_21 is not listed on IDEAS
    31. Doraszelski Ulrich & Gerardi Dino & Squintani Francesco, 2003. "Communication and Voting with Double-Sided Information," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 3(1), pages 1-41, August.
    32. Sah, Raaj Kumar & Stiglitz, Joseph E, 1988. "Committees, Hierarchies and Polyarchies," Economic Journal, Royal Economic Society, vol. 98(391), pages 451-470, June.
    33. Ilian Mihov & Anne Sibert, 2002. "Credibility and Flexibility with Monetary Policy Committees," Working Papers 232002, Hong Kong Institute for Monetary Research.
    34. repec:cup:apsrev:v:94:y:2000:i:02:p:395-406_22 is not listed on IDEAS
    35. Ruth Ben-Yashar & Jacob Paroush, 2001. "Optimal decision rules for fixed-size committees in polychotomous choice situations," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 18(4), pages 737-746.
    36. Nitzan, Shmuel & Paroush, Jacob, 1982. "Optimal Decision Rules in Uncertain Dichotomous Choice Situations," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 23(2), pages 289-297, June.
    37. Ruth Ben-Yashar & Shmuel Nitzan, 2001. "The invalidity of the Condorcet Jury Theorem under endogenous decisional skills," Economics of Governance, Springer, vol. 2(3), pages 243-249, November.
    38. Koh, Winston T. H., 1994. "Making decisions in committees a human fallibility approach," Journal of Economic Behavior & Organization, Elsevier, vol. 23(2), pages 195-214, March.
    Full references (including those not matched with items on IDEAS)

    More about this item

    JEL classification:

    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:poleco:v:21:y:2005:i:3:p:563-597. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Dana Niculescu). General contact details of provider: http://www.elsevier.com/locate/inca/505544 .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.