Economic small group research points to groups as more rational decision-makers in numerous economic situations. However, no attempts have been made to investigate whether groups are affected similarly by behavioral biases that are pervasive for individuals. If groups were also able to more...

This paper aims at discovering the decision rule the Governing Council of the ECB uses to set interest rates. We construct a Taylor rule for each member of the council and for the euro area as a whole, and aggregate the interest rates they produce using several classes of decision-making...

We investigate the effect of group versus individual decision-making in the context of risky investment decisions in which all subjects are fully informed of the probabilities and payoffs. Although there is full information, the lottery choices pose cognitive challenges so that people may not be...

This paper compiles a novel and unique dataset encompassing 439 individuals who served as board members on 16 different inflation-targeting central banks’ monetary policy committees (MPCs) from 1999 to 2018. We document relevant trends over the past twenty years: (i) An increasing share of...

Introduction -- Theoretical Foundations: The Organizational Context and High Reliability Theory -- Theoretical Foundations: The Collaborative Context -- Theoretical Foundations: The Decision-Making Context -- Conceptualized Research Model and Conceptual Connections -- Research Approach and...

Purpose Despite the growing body of empirical literature on earnings management in municipal bodies and enterprises on the municipal level, the theoretical foundations often remain limited. This article contributes to filling this research gap by discussing the agency relationships between...