Speed and quality of collective decision making:: Imperfect information processing

• 成果类型: Article
• 署名作者: Schulte, Elisabeth; Gruener, Hans Peter
• 署名单位: University of Mannheim; Centre for Economic Policy Research - UK
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2006.02.004
• 发表日期: 2007
• 页码: 138-154
• 关键词: information processing; hierarchies; bounded rationality

摘要

This paper studies efficient programmed hierarchies as introduced by Radner [The organization of decentralized information processing, Econometrica 61(5) (1993) 1109-1146] in which agents cannot process information perfectly. A group of P identical managers has to make a choice between n alternatives. In order to learn which is the best option, the alternatives have to be compared. The evaluation of an alternative takes time and managers are only able to identify the better one of two alternatives with a positive probability. The skip-level reporting tree proposed by Radner is found to be efficient in terms of the dimensions decision cost, decision delay, and decision quality. (c) 2006 Elsevier Inc. All rights reserved.