Journal Article10.2139/SSRN.3546986
Committees and Decision Making
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TL;DR: In this article, the interactions and strategies of economic agents within a business committee to better understand how decisions are made in an important group setting were studied. But, their results were limited to the case of the Federal Reserve's FOMC monetary policy actions.
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Abstract: We study the interactions and strategies of economic agents within a business committee to better understand how decisions are made in an important group setting. Specifically, we study the Federal Reserve’s Federal Open Market Committee (FOMC) monetary policy actions and meeting transcripts to understand how the committee members discussion impacts the chosen monetary policy. The results show that after controlling for the impact of macroeconomic variables related to the Federal Reserve’s dual mandate and past policy actions, variables which measure members efforts in interpreting the current economic data and persuading other members through cognitive and affective persuasion strategies have economically and statistically significant effect on the meeting outcomes. The implication is that for a business committee to arrive at a group decision, the members need to digest/interpret the relevant information, spend time persuading other members using logic/emotion in order to aggregate member viewpoints to a consensus decision. Thus, the interpretation processes and persuasion methods that are used within a committee discussion have a non-trivial impact on the final outcome.
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Citations
Australia’s Water Management Policies and Implications in Response to Climate Change
Jong Wook Lee,Tae-Sun Park,Seung Yeon Lee,Seung Oh Lee +3 more
- 01 Dec 2020
TL;DR: Lee et al. as discussed by the authors analyzed and compared the integrated water resource management (IWRM) of Australia with the present situations and cases in Korea, and the implications from this study would be suggested the future of IWRM in Korea.
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EXPRESS: Effects of Gender Composition in Committees
Erika Christie Berle,Kenneth A. Kavajecz,Yuko Onozaka +2 more
TL;DR: In this paper , the mechanism of if and how committees' gender diversity impacts its deliberations and decisions was uncovered. But, despite a significant push toward greater gender diversity on committees and boards, answers to this question are unknown.
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•Journal Article
A Behavioural Analysis of Shareholders Meetings
TL;DR: In this article, the authors examine the most common errors at both the individual and group levels, providing some comments and highlighting how they may impact on shareholders' meetings, and develop some provisional proposals that they claim would contribute to debiase group decisions and help shareholders' meeting in reaching their scopes.
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Effects of Gender Composition in Committees
TL;DR: This paper investigated if and how the gender composition of a committee affects its decisions and dynamics, using meeting transcripts of the Federal Reserve's Federal Open Market Committee (FOMC) from 1978 to 2014, wherein the committee's decisions, deliberations and individual voting patterns are observable.
•Posted Content
Estimating Central Bank Preferences Combining Topic and Scaling Methods
Nicole Rae Baerg,Will Lowe +1 more
- 22 Jan 2015
TL;DR: The authors developed a new measure of central bank preferences on the FOMC leading up to the financial crisis (2005 - 2008) using automated text analysis tools and scaling methods, using a measure of the central bank preference on the Fed's decision-making process.
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