The Decentralization of Information Processing in the Presence of Interactions
构建了一个组织决策模型，其中信息处理是去中心化的，考虑了信息汇总损失和决策交互，内生推导出最优层级结构，发现通常所有代理人有一个下属且底层能力回报不低于顶层，但专业化回报可能逆转这一结果。
We propose a model of organizational decision making, in which information processing is decentralized. Our model incorporates two features of many actual organizations: aggregation entails a loss of useful information, and the decision problems of different agents interact. We assume that an organization forms a portfolio of risky assets, following a hierarchical procedure. Agents' decision rules and the organization's hierarchical structure are derived endogenously. Typically, in the optimal hierarchical structure, all agents have one subordinate, and returns to ability are at least as high at the bottom as at the top. However, these results can be reversed in the presence of returns to specialization. Copyright 2003, Wiley-Blackwell.