: Sah Raaj Kumar,
Stiglitz J E
: The Architecture of Economic Systems: Hierarchies and Polyarchies
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: 1986
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: The American Economic Review
() : 4
: 76
: Raaj Kumar Sah, Joseph E. Stiglitz. The Architecture of Economic Systems: Hierarchies and Polyarchies // The American Economic Review, Vol. 76, No. 4. (Sep., 1986), pp. 716-727.
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This paper presents some new ways of looking at economic systems and organizations. Individuals' judgments entail errors; they sometimes reject good projects and accept bad projects (or ideas). The architecture of an economic system (i.e., how the decision-making units are organized together within a system, who gathers what information, and who communicates what with whom) affects the errors made by individuals within the system, as well as how those errors are aggregated.
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