:  Van Zandt Timothy
:  Real-Time Decentralized Information Processing as a Model of Organizations with Boundedly Rational Agents
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:  1999
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:  Review of Economic Studies
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:  66
:  T. Van Zandt, Real-Time Decentralized Information Processing as a Model of Organizations with Boundedly Rational Agents // Review of Economic Studies, V. 66 (1999), No 3, pp 633-658
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This paper studies the properties of real-time decentralized information processing as a model of human information processing in organizations. Real-time decentralized processing--which models the computation of decision rules in a temporal decision problem by members of an organization--captures both the cost of computation in terms of the members' time and the constraints imposed by computational delay on the use of recent information. Unlike a batch processing model, it has no single measure of delay because decisions are computed from data of heterogeneous lags. Furthermore, decentralization does not unambiguously reduce delay, because processing a message precludes processing current data. Copyright 1999 by The Review of Economic Studies Limited.
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