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Gilligan Krehbiel (1987) - Collective Decision Making And Standing Committees (view source)
Revision as of 20:07, 19 May 2010
, 20:07, 19 May 2010→Open rule, no specialization
:<math>\mathbb{E}u_c = -\sigma_{\omega}^2 - x_c^2\,</math>
This is found by taking <math>\mathbb{E}u_f = \mathbb{E}(-(\overline{\omega}+\omega)^2) = -(\mathbb{E}(\omega^2)-\overline{\omega}^2) = -\sigma_{\omega}^2\,</math>
And likewise for the committee. Note that both have informational losses, and the committee has a distributional loss.
