Centralization versus Decentralization as a Risk‐Return Trade‐Off
将集中化与分散化的选择视为风险与回报的权衡，通过整合委员会决策和投资组合理论，分析不同风险情境下两种模式的优劣，对政策制定有参考价值。
This paper characterizes the choice between centralization and decentralization as a risk‐return trade‐off and examines it in a model that integrates ideas from committee decision‐making and portfolio theories. Centralization, by pooling expertise, rarely yields erroneous decisions; however, when it fails, the consequences are global. In contrast, in a decentralized system, erroneous decisions are more frequent, but their consequences are locally confined. We assess the relative desirability of (de‐)centralization in various scenarios with independent versus interdependent risks. We further discuss the robustness of the model and the relevance of our results for policymaking.