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Decision Making and Learning in a Globalizing World

  • Otto H. Swank
  • Bauke Visser

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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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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  1. 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.
  2. 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.
  3. 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.
  4. Dilip Mookherjee, 2005. "Decentralization, Hierarchies and Incentives: A Mechanism Design Perspective," Boston University - Department of Economics - Working Papers Series WP2005-034, Boston University - Department of Economics, revised Sep 2005.
  5. 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.
  6. Lones Smith & Peter Sorensen, 2000. "Pathological Outcomes of Observational Learning," Econometrica, Econometric Society, vol. 68(2), pages 371-398, March.
  7. 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.
  8. Meirowitz, Adam, 2006. "Designing Institutions to Aggregate Preferences and Information," Quarterly Journal of Political Science, now publishers, vol. 1(4), pages 373-392, October.
  9. Bala, V. & Goyal, S., 1995. "Learning from Neighbors," Econometric Institute Research Papers EI 9549-/A, Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute.
  10. Gerardi, Dino & Yariv, Leeat, 2007. "Deliberative voting," Journal of Economic Theory, Elsevier, vol. 134(1), pages 317-338, May.
  11. Bauke Visser & Otto H Swank, 2007. "On Committees of Experts," The Quarterly Journal of Economics, MIT Press, vol. 122(1), pages 337-372, 02.
  12. 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.
  13. Heikki Rantakari, 2008. "Governing Adaptation -super-1," Review of Economic Studies, Oxford University Press, vol. 75(4), pages 1257-1285.
  14. Friebel, Guido & Raith, Michael, 2006. "Resource Allocation and Firm Scope," IZA Discussion Papers 2249, Institute for the Study of Labor (IZA).
  15. Ricardo Alonso & Wouter Dessein & Niko Matouschek, 2008. "When does coordination require centralization?," LSE Research Online Documents on Economics 58664, London School of Economics and Political Science, LSE Library.
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