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This paper develops a theoretical model of dynamic decision-making of a monetary policy committee with heterogeneous members. It investigates the optimal transparency, and the optimal way of transmitting information of committees, by analysing the effects different communication strategies have on financial markets. It is shown that the communication strategy of the central bank committee has a significant effect on the predictability of monetary policy decisions when there is asymmetric information between the committee and market agents. Transparency about the diversity of views of the committee surrounding the economic outlook makes future monetary policy more predictable. However, communicating the diversity of views regarding monetary policy decisions may lead to less predictability of monetary policy in the short term. In addition, it is shown that communication in the form of voting records has the greatest effect on market participants' near term policy expectations. These results support findings of the empirical literature and have strong implications for the optimal communication strategies of committees including the question whether individual voting records should be published.

Der Artikel referiert Perspektiven einer qualitativ ausgerichteten, performanztheoretischen Erforschung von Bildungsentscheidungen. Heuristisch wird eine Differenzierung zwischen Taktiken und Strategien empfohlen, um Unterschiede in der Analyse von Entscheidungsprozessen kenntlich zu machen. Am Beispiel eines Forschungsprojektes zur elterlichen Grundschulwahl werden methodologische Herausforderungen diskutiert, die sich mit der Berücksichtigung von Unentscheidbarkeit, Unabschließbarkeit und Unberechenbarkeit im Kontext einer performanztheoretischen Entscheidungsforschung verbinden.

'Der vorliegende Bericht untersucht den formalen politischen Entscheidungsprozeß auf der zentralen Ebene im exekutiven Bereich der Rußländischen Förderation im Hinblick auf seine Akteure, seine Formen und Arten. Er stützt sich hauptsächlich auf die Verfassung, auf Gesetze, auf Dekrete des Präsidenten, auf die Geschäftsordnungen der Staatsduma und des Förderationsrats sowie auf die wenigen westlichen Quellen.' (Textauszug)

Attention and the closely related concept of salience play an important role in the complex process of human decision-making. In 2012, Bordalo et al. (2012a) proposed a theory on human decision-making that is based on salience. They suggest that salience differences within a decision problem may explain many decision biases. Concerning decisions under risk, Bordalo and colleagues developed a formula to calculate salience differences that are shaped by bottom-up processes. These salience differences have been experimentally investigated. Reaction times in a dot-probe task served as indicator of attentional biases. Data revealed a significant salience effect after a lottery exposure duration of 150 ms. This supports the salience concept proposed by Bordalo et al. (2012a) and suggests an early attentional orienting towards salient payoffs. In order to further differentiate attentional processes involved in the salience effect EEG has been recorded. Different ERP-components may indicate attentional biases at different stages of attentional processing and give a hint at more detailed reasons behind the salience effect. All investigated components, namely, P1, N1, P3a and P3b, showed no significant salience differences. Part III presents a further experiment that was devoted to nudges. These interventions often work by altering the salience within a decision problem or by directing the attention to the decision task itself. Since these interventions influence decisions at least partly on an unconscious level, nudges are subject to criticism. The experiment aimed at investigating the effect of transparent information accompanying the nudges on their efficacy. In line with previous research adding information on the nudge itself, on its purpose and the combination of both had no significant effect on the efficacy of the nudge, even though this additional information again alters salience ratios within the decision problem.