We study a model of collective decision making with endogenous information collection.Agents collect information about … decision is made. The reason for this result is that communicationmay aggravate the free-rider problem associated with …

This paper provides an overview of the work of Herbert Simon and his ideas about rational decision making. By his own …’s research is how human beings organize themselves in different structures of distributed decision making in order to achieve a … view on rational decision making in economics and other social sciences. …

In this paper we study Markov Decision Process (MDP) problems with the restriction that at decision epochs only a … finite number of given Markovian decision rules may be applied. The elements of the finite set of allowed decision rules … should be mixed to improve the performance. The set of allowed Markovian decision rules could for example consist of some …

heterogeneity of committee members, this voting rule is suboptimal in terms of the quality of the interest rate decision, but …

. Behind the debate, it is argued, lies a fundamental different idea of how human decision-making is to be understood and …

While most papers_new on team decision-making find teams to behave more selfish, less trusting and less altruistic than …

Transparent decision-making processes are widely regarded as a prerequisite for the working of a representative … their interests. Why else the secrecy? We provide a model of committee decision-making that explains the public’s demand for …