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Viewpoint: Decision-making in committees
Authors:Li  Hao  Wing Suen
Institution:Department of Economics, University of Toronto; School of Economics and Finance, University of Hong Kong
Abstract:Abstract .  This article reviews recent developments in the theory of committee decision-making. A committee consists of self-interested members who make a public decision by aggregating imperfect information dispersed among them according to a pre-specified decision rule. We focus on costly information acquisition, strategic information aggregation, and rules and processes that enhance the quality of the committee decision. Seeming inefficiencies of the committee decision-making process such as over-cautiousness, voting, and delay emerge as partial remedies to these incentive problems.
Keywords:D71  D82
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