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Procurement contracts under limited liability

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FileDescriptionSizeFormat
Download parlane_workpap_003.pdf115.69 KB
Author(s)
Parlane, Sarah 
Uri
http://hdl.handle.net/10197/685
Date Issued
2003
Date Available
25T12:03:53Z November 2008
Abstract
This paper analyses procurement when contractors have limited liability and when the sponsor cannot commit to any specific form of future negotiation. It shows that introducing limited liability enhances competition and thus the likelihood of bankruptcy. Among efficient auctions in which only the winner gets paid, the commonly used first price auction is shown to give the lowest probability of bankruptcy. Finally, it shows that the characterisation of a mechanism minimising the project’s cost results from trading-off bankruptcy costs with informational rents.
Type of Material
Journal Article
Publisher
Economic and Social Studies
Journal
Economic and Social Review
Volume
34
Issue
1
Start Page
1
End Page
21
Copyright (Published Version)
2003 Economic and Social Studies
Subject – LCSH
Industrial procurement--Mathematical models
Web versions
http://www.esr.ie/Vol34_1Parlane.pdf
Language
English
Status of Item
Peer reviewed
ISSN
0012-9984
This item is made available under a Creative Commons License
https://creativecommons.org/licenses/by-nc-sa/1.0/
Owning collection
Economics Research Collection
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