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A study is conducted on economically literate students of the London School of Economics to assess whether a committee was better suited to take decisions on monetary policy. The results of the study show that individuals were not preferred for such important decision-making and it is felt that pooling of judgment helped committees arrive at better decisions.

Tests that were conducted to see whether the ability to discuss a decision, drives improved performance of committees confirm that decisions of committees were superior to those of individuals. Taking this conclusion as a basis, the study is extended to examine and test several hypotheses as to what brings about this improvement.