This chapter presents an institutional theory of miscalculation on the road to war. The central proposition is that leaders face a trade-off between good information and political security. This trade-off is discussed in two parts. The chapter first discusses the informational constraints faced by leaders contemplating beginning an international crisis, explaining why integrated institutions that feature inclusive and open information flows tend to deliver better information to leaders. The chapter then discusses the political logic by which many leaders choose to forgo integrated institutions in favor of institutional alternatives that deliver less complete and less accurate information but provide political protection from bureaucratic punishment.