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Intertemporal conflicts occur when a group of agents with heterogeneous time preferences must make a collective decision about how to manage a common asset. How should this be done? We examine two methods: an 'Economics' approach that seeks to implement efficient allocations, and a 'Politics'...
Persistent link: https://www.econbiz.de/10013043608
Intertemporal conflicts occur when a group of agents with heterogeneous time preferences must make a collective decision about how to manage a common asset. How should this be done? We examine two methods: an 'Economics' approach that seeks to implement efficient allocations, and a 'Politics'...
Persistent link: https://www.econbiz.de/10012457961
This paper provides new empirical evidence on policy-makers' voting patterns on interest rates. Applying (pooled …) Taylor-type rules and using real-time information available from published inflation reports and voting records, the paper …
Persistent link: https://www.econbiz.de/10013120227
We consider a committee voting setup with two rounds of voting where committee members who possess private information … information in the first voting period. Coughlan (2000) shows that members reveal their information in a straw poll only if their …
Persistent link: https://www.econbiz.de/10011430746
This paper analyzes the optimal size of a deliberating committee where (i) there is no conflict of interest among individuals and (ii) information acquisition is costly. The committee members simultaneously decide whether to acquire information, and then make the ex-post efficient decision. The...
Persistent link: https://www.econbiz.de/10011698638
Persistent link: https://www.econbiz.de/10011523365
decision by mitigating a voting externality. Hence, institutions may adopt public voting when the fear of blame is too little …, and secret voting when the fear is too much. We also show that public voting is particularly desirable in committees with … overly biased members or overly biased voting rules against the alternative …
Persistent link: https://www.econbiz.de/10012948351
This paper studies the vulnerability of the pivotal mechanism with respect to manipulation by groups. In a lab experiment, groups decide on the implementation of various alternatives, some of which imply opposite interests for the two subgroups. We investigate the occurrence of tacit and...
Persistent link: https://www.econbiz.de/10009737525
Persistent link: https://www.econbiz.de/10009544509
We examine whether it is socially beneficial for the individual voting records of central bank council members to be … efficient central bankers in their bid to get re-elected. After re-election, however, losses will be lower when voting records … and can make central bankers individually accountable. Nevertheless, the negative effects of voting transparency …
Persistent link: https://www.econbiz.de/10011419080