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Information acquisition and decision making in committees: a survey

Author

Listed:
  • Gerling, Kerstin
  • Grüner, 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

Suggested Citation

  • Gerling, Kerstin & Grüner, Hans Peter & Kiel, Alexandra & Schulte, Elisabeth, 2003. "Information acquisition and decision making in committees: a survey," Working Paper Series 256, European Central Bank.
  • Handle: RePEc:ecb:ecbwps:2003256
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    References listed on IDEAS

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    More about this item

    Keywords

    Committees; costly information acquisition; monetary policy committees; strategic voting;
    All these keywords.

    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

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