This paper examines optimal decision making under three different organizational forms: committees, hierarchies and polyarchies. Our focus is on the trade-off between errors of rejecting good projects versus errors of accepting bad projects, and on the trade-off between gains from more extensive...

Changes in the role of collective action at the international level, in the international economic environment, and, most importantly, our better understanding of economics in general require that we rethink the role of international financial institutions (IFIs). For multilateral development...