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Information acquisition and decision making in committees: A survey

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Author Info
Kerstin Gerling () (University of Mannheim, Department of Economics, D-68131 Mannheim, Germany.)
Hans Peter Grüner () (University of Mannheim, Department of Economics,D-68131 Mannheim, Germany.)
Alexandra Kiel () (University of Mannheim, Department of Economics, D-68131 Mannheim, Germany.)
Elisabeth Schulte () (University of Mannheim, Department of Economics, D-68131 Mannheim, Germany.)

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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.

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Paper provided by European Central Bank in its series Working Paper Series with number 256.

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Length: 55 pages
Date of creation: Sep 2003
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Handle: RePEc:ecb:ecbwps:20030256

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Related research
Keywords: Committees; strategic voting; costly information acquisition; monetary policy committees.;

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  1. António Afonso & Ludger Schuknecht & Vito Tanzi, 2005. "Public sector efficiency: An international comparison," Public Choice, Springer, vol. 123(3), pages 321-347, June. [Downloadable!] (restricted)
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  2. Fielding, David & Stracca, Livio, 2007. "Myopic loss aversion, disappointment aversion, and the equity premium puzzle," Journal of Economic Behavior & Organization, Elsevier, vol. 64(2), pages 250-268, October. [Downloadable!] (restricted)
    Other versions:
  3. Bernd Schnatz & Chiara Osbat & Rasmus Rueffer, 2003. "The rise of the Yen vis-a-vis the ('Synthetic') Euro: is it supported by economic fundamentals?," Working Paper Series 224, European Central Bank. [Downloadable!]
  4. Efrem Castelnuovo, 2004. "Describing the Fed's conduct with simple Taylor rules: is interest rate smoothing important?," Money Macro and Finance (MMF) Research Group Conference 2003 12, Money Macro and Finance Research Group. [Downloadable!]
  5. Miquel A. Leon-Ledesma & Peter McAdam, 2003. "Unemployment, hysteresis and transition," Working Paper Series 234, European Central Bank. [Downloadable!]
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  6. Ignazio Angeloni & Gunter Coenen & Frank Smets, 2003. "Persistence, The Transmission Mechanism And Robust Monetary Policy," Scottish Journal of Political Economy, Scottish Economic Society, vol. 50(5), pages 527-549, November. [Downloadable!] (restricted)
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  7. Philipp Hartmann & Angela Maddaloni & Simone Manganelli, 2003. "The Euro-area Financial System: Structure, Integration, and Policy Initiatives," Oxford Review of Economic Policy, Oxford University Press, vol. 19(1), pages 180-213.
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  8. Annick Bruggeman & Paola Donati & Anders Warne, 2003. "Is the demand for Euro area M3 stable?," Working Paper Series 255, European Central Bank. [Downloadable!]
  9. Inoue, Atsushi & Kilian, Lutz, 2003. "On the Selection of Forecasting Models," CEPR Discussion Papers 3809, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  10. Marcus H. Miller & Olli Castren & Roger Stiegert, 2003. "Growth expectations; capital flows and international risk sharing," Working Paper Series 237, European Central Bank. [Downloadable!]
  11. Andrea Zaghini, 2003. "Trade advantages and specialisation dynamics in acceding countries," Working Paper Series 249, European Central Bank. [Downloadable!]
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