全球智库信息集成服务系统(G2TT): DP5829 Forecasting Using a Large Number of Predictors: Is Bayesian Regression a Valid Alternative to Principal Components?

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP5829
	DP5829 Forecasting Using a Large Number of Predictors: Is Bayesian Regression a Valid Alternative to Principal Components?
	Lucrezia Reichlin; Domenico Giannone; Christine De Mol
发表日期	2006-09-08
出版年	2006
语种	英语
摘要	This paper compares centralized and decentralized coordination when managers are privately informed and communicate strategically. We consider a multi-divisional organization in which decisions must be responsive to local conditions but also coordinated with each other. Information about local conditions is dispersed and held by self-interested division managers who communicate via cheap talk. The only available formal mechanism is the allocation of decision rights. We show that a higher need for coordination improves horizontal communication but worsens vertical communication. As a result, no matter how important coordination is, decentralization dominates centralization if the division managers are not too biased towards their own divisions and the divisions are not too different from each other (e.g. in terms of division size).
主题	Industrial Organization
关键词	Coordination Decision rights Cheap talk Incomplete contracts
URL	https://cepr.org/publications/dp5829
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/534665
推荐引用方式 GB/T 7714	Lucrezia Reichlin,Domenico Giannone,Christine De Mol. DP5829 Forecasting Using a Large Number of Predictors: Is Bayesian Regression a Valid Alternative to Principal Components?. 2006.