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consider the eff ect on incentives and risk transfer of bundling building and management stages into a single contract … overruns. We also consider how institutions, and specifi cally the risk of regulatory opportunism, aff ects contract design and …
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The paper studies competition for the market in a setting where incumbents (and, to a lesser extent, neighboring incumbents) benefit from a cost advantage. The paper first compares the outcome of staggered and synchronous tenders, before drawing the implications for market design. We find that...
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