This paper studies the properties of real-time decentralized information processing as a model of human information processing in organizations. Real-time decentralized processing---which models the computation of decision rules in a temporal decision pro blem by members of an organization---captures both the cost of computation in terms of the members ' time and the constraints imposed by computational delay on the use of recent information. Unlike a batch processing model, it has no single measure of del ay because decisions are computed from data of heterogeneous lags. Furthermore, decentralization does not unambiguously reduce delay, because processing a message precludes processing current data.
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