Multidimensional Learning in Committee Deliberations (joint work with Perry Carter and Matias Iaryczower)
Abstract
Committees often decide on proposals that are inherently multidimensional: e.g., whether a medical drug up for approval is safe and effective, or a new investment’s profitability and risk. In this paper, we first provide a model of multidimensional learning in committees where members may collectively — and strategically — learn about different dimensions during deliberation, and that information is germane to the final decision. We show that the multidimensional nature of deliberations, including the spillovers of information and the preferences across dimensions, affects how committees learn and decide. Then, we use data on rosters, minutes, and the text from transcripts from FDA Advisory Committees, where experts provide advice for the approval of new drugs, biological products and medical devices in the United States, and show that we can statistically identify and consistently estimate this model. Finally, we discuss how alternative institutional designs, including changing committee compositions and information structures, affect policy decisions.
About this workshop
The Public Governance workshop is an online seminar series focused on state of art research in political economy that uses non-traditional data and data-intensive methods.
The workshop gives a platform for the research on the role of governance in designing and developing better policies. Key features are the political environment, the role of the media, the engagement of stakeholders such as civil society and firms, the market structure and level of competition, and the independence of public regulators, among others. Particular emphasis is placed on research with NLP methods due to the proven usefulness of transforming text into data for further econometric analysis.
Periodicity: Mondays from 17h30 to 19h.