American Economic Review · 2007 · 199 citations · 11 references
Public AffairsPolitical ScienceDecision AnalysisDecision TheoryPublic Choice TheoryAccountabilityCommittee BehaviorCommittee ReformCommittee TransparencyVoting BehaviorVoting RulesBiasesCommittee Decision TransparencyCommittee Voting BehaviorTransparency In Decision Processes
In this paper I analyze the effect of transparency on decision making in committees. I focus on committees whose members are motivated by career concerns. The main result is that when the decision-making process is secretive (when individual votes are not revealed to the public), committee members comply with preexisting biases. For example, if the voting rule demands a supermajority to accept a reform, individuals vote more often against reforms. Transparent committees are therefore more likely to accept reforms. I also find that coupled with the right voting rule, a secretive procedure may induce better decisions than a transparent one. (JEL D71, D72)
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AEA Papers and Proceedings · 2019 · 11K citations
David Scharfstein, Jeremy C. Stein · American Economic Review · 1988 · 2.8K citations
Analyst Forecasts and Herding Behavior:
Brett Trueman · Review of Financial Studies · 1994 · 976 citations