Coordination Through Committees and Markets (Classic Reprint)

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Excerpt from Coordination Through Committees and MarketsFormal negotiation through a committee can avoid some of the problems that mar the performance of the market mechanism. In particular, explicit communication and a commitment not to adopt without agreement prevent the incompatible adoption that often happens if two or more firms try to lead the bandwagon. But these committees too are imperfect coordinators. Often, by the time a committee is convened, participants have vested interests in incompatible positions, 9 and the committee must resolve this conflict Since the consensus principle, which is generally accepted in voluntary standard setting, requires committees to seek a stronger consensus than a simple majority vote (though not necessarily unanimity), there may be a battle of wills in committee, while users wait.10 Such waiting is costly.About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.