We compare two commonly used mechanisms in procurement: auctions and negotiations. The execution of the procurement …

information? We investigate whether individuals seek out the “cognitive flexibility” needed to distort beliefs in self … financial and legal professionals, show that preferences are heterogeneous: over 40% of advisors prefer flexibility, even if … costly. Actively seeking flexibility does not preclude belief distortion. Individuals anticipate the effects of cognitive …

individual regions voluntarily commence international negotiations on public good provision, which are accompanied by side … based on the ideas of Coasean negotiations and Pigouvian taxes. As it is implementable for a wide class of Nash solutions …

In a Case Law regime Courts have more flexibility than in a Statute Law regime. Since Statutes are inevitably … most economic decisions are already taken. Therefore, the advantage of flexibility for Case Law is unavoidably paired with … pairs the lack of flexibility with the ability to commit in advance to a given (forward looking) rule. This solves the time …

flexible technology allowing for such option. Investment is irreversible and flexibility is costly. The problem is solved …