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  • 1
    Electronic Resource
    Electronic Resource
    The Effect of Organizational form on Information Flow and Decision Quality: Informational Cascades in Group Decision Making (2000)
    Oxford, UK : Blackwell Publishing Ltd.
    Journal of economics & management strategy 9 (2000), S. 0 
    Details
    ISSN: 1530-9134
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper identifies a disadvantage to decision making in a team. We show that in some cases available information is lost due to sequential communication that results in informational cascades. Although incentive contracts exist that prevent cascades, in some cases these contracts do not maximize shareholders' expected residual value and cascades are tolerated in equilibrium. Cascades never occur in hierarchies that exogenously prevent communication. However, when the firm is organized as a hierarchy (and the agents are given the optimal hierarchical contract), in some cases agents will collude and sequentially communicate, admitting the possibility of cascades. In these cases, the principals must monitor and enforce the hierarchical process. When monitoring costs exceed the cost of cascades, the team is the optimal organizational form.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1430-9134.2000.00115.x
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  • 2
    Electronic Resource
    Electronic Resource
    Buyers' and sellers' agents in the housing market (1991)
    Springer
    The journal of real estate finance and economics 4 (1991), S. 147-156 
    Details
    ISSN: 1573-045X
    Keywords: Real estate brokerage ; housing search ; sellers' agents
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract We explain why buyers in the housing market use an agent employed by the seller. Such agents reduce buyers' search costs so that more buyers search a particular house. This increases the probability of the sale of the house and possibly also its selling price. However, since the selling price increases, if at all, by less than the fee paid by the seller to the agent, both buyers and sellers are better off. We identify two characteristics that give rise to sellers' agents and show that markets that do not have such agents are missing at least one of these characteristics.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF00173121
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