THE ECONOMICS OF EMERGENCY MEETINGS

David Aadland () and Frederic P. Sterbenz

Economic Inquiry, 2015, vol. 53, issue 2, 1019-1037

Abstract: type="main" xml:id="ecin12181-abs-0001"> 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)

Date: 2015
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