文章基本信息

标题：THE ECONOMICS OF EMERGENCY MEETINGS
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作者：David Aadland ; Frederic P. Sterbenz
期刊名称：Economic Inquiry
印刷版ISSN：0095-2583
出版年度：2015
卷号：53
期号：2
页码：1019-1037
DOI：10.1111/ecin.12181
语种：English
出版社：Western Economic Association International
摘要：In this article, we examine the timing of emergency meetings. Meetings are critical to the success of organizations, allowing them to coordinate information, discuss strategies, and realign policies to meet their objectives. We treat the emergency meetings between scheduled meetings as real options. The optimal strategy involves time‐varying threshold values that, when exceeded, trigger an emergency meeting. The model explains why organizations need both scheduled and emergency meetings. The model also predicts more frequent emergency meetings during periods of high volatility and a hump‐shaped distribution for the timing of emergency meetings. We find empirical support for these predictions using data from the Organization of Petroleum Exporting Countries and the Federal Open Market Committee of the U.S. Federal Reserve system. (JEL C44, C61, C63)