This chapter explains the structuring of decision-making processes. It specifically covers the fundamental connection between farsightedness and the duration of process. The design of decision-making processes can address several problems. The most obvious is the presence of shortsighted temptations. The strategies for structuring the processes should focus on promoting greater comprehensiveness of participation and analysis, enhancing an emotional climate that deters urgency from overwhelming long-term considerations, and reducing gratuitous sources of conflict. Delays decrease the chances of impetuous decisions. They also allow more time for multiple considerations to be taken into account as the issues are subjected to lengthier examination. The most difficult challenge for designing the policy-making arrangements is the generally clear trade-off between limiting the potential risks of stakeholders to get their support or at least acquiescence and permitting bold action when needed.
Keywords: decision-making processes; farsightedness; stakeholders; structuring; delays; policy-making arrangements
Chapter. 4007 words.
Subjects: Economic Development and Growth
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