Economic Modeling Triggers More Efficient Planning: An Experimental Justification [Book Review]

Theory and Decision 58 (3):239-282 (2005)

Abstract
Consider a firm as an organization that needs to efficiently coordinate several specialized departments in an uncertain environment. Decision making involves collective planning sessions and decentralized operational processes. In this setting this paper explores the role of economic modeling through an experimental game. Results support the idea that economic modeling favors higher performance. Economic modeling facilitates the emergence of common knowledge and the decomposition of a group decision problem into individual decision problems that are meaningfully interrelated
Keywords economic modeling  interactive rationality  planning  organizational learning
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DOI 10.1007/s11238-005-6593-2
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The Strategy of Conflict.Thomas Schelling - 1960 - Harvard University Press.

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