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A Model of Management Teams


  • Eduardo Ley

    (Resources for the Future)

  • Mark F.J. Steel

    (Tilburg University)


We present a simple model of management teams where the time it takes to make decisions is related to the size of the committee. We characterize the situations where larger or smaller sizes of the management team are desirable depending on the covariance structure of the signals that the managers observe.

Suggested Citation

  • Eduardo Ley & Mark F.J. Steel, 1995. "A Model of Management Teams," Others 9503001, EconWPA, revised 19 Jul 1995.
  • Handle: RePEc:wpa:wuwpot:9503001
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    References listed on IDEAS

    1. Katzner, Donald W., 1995. "Participatory decision-making in the firm," Journal of Economic Behavior & Organization, Elsevier, vol. 26(2), pages 221-236, March.
    2. Sah, Raaj Kumar & Stiglitz, Joseph E, 1988. "Committees, Hierarchies and Polyarchies," Economic Journal, Royal Economic Society, vol. 98(391), pages 451-470, June.
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    Cited by:

    1. Anne Sibert, 2006. "Central Banking by Committee," International Finance, Wiley Blackwell, vol. 9(2), pages 145-168, August.

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    JEL classification:

    • P - Economic Systems
    • Q - Agricultural and Natural Resource Economics; Environmental and Ecological Economics
    • Z - Other Special Topics


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