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administrative staff aggregate information Assume calculate CEPR changing environment class of policies communication costs comparative statics computation model Consider hierarchies Consider PRAMs cost and hence decentralized information processing decision problem decision procedure decreasing differences decreasing volatility design problem environment changes environmental volatility firm periodically gathers forecast gather and aggregate gathers a sample Graph shows sample hierarchies with recall hierarchies without recall hierarchy's increasing resp INSEAD interval k dotted linear estimator log2 n log2 scale log2n manager who processes managerial cost managerial size managerial staff managerial wage managers are costless mean-squared error minimize natural scale Numerical test observation each period optimal hierarchy optimal procedure optimal sample parameters partial result planning cycle policies without recall policy with recall processes one observation Proposition Radner random walk read and aggregate restrict attention sample and computes Sampling error sampling interval span limit stationary hierarchies stochastic process submodular takes one period trade-off Treaty values Zandt