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A model of management teams

Author

Listed:
  • Eduardo Ley

    (Fiscal Affairs Department, IMF, Washington DC, USA)

  • Mark F.J. Steel

    (Department of Economics, University of Edinburgh, Edinburgh, UK)

Abstract

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. © 1998 John Wiley & Sons, Ltd.

Suggested Citation

  • Eduardo Ley & Mark F.J. Steel, 1998. "A model of management teams," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 19(6), pages 355-363.
    • Handle: RePEc:wly:mgtdec:v:19:y:1998:i:6:p:355-363
    DOI: 10.1002/(SICI)1099-1468(199809)19:6<355::AID-MDE903>3.0.CO;2-Y
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    References listed on IDEAS

    as
    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.
    3. 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.
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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.
    2. Anne Sibert, 2006. "Central Banking by Committee," International Finance, Wiley Blackwell, vol. 9(2), pages 145-168, August.

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    More about this item

    JEL classification:

    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
    • D89 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Other
    • L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General

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