Intergenerational redistribution is one of the major aims of national welfare states that have to prove their reliability in a world of internationally integrated goods and factor markets. In this paper, we analyse the conditions for the existence of steady-state equilibria and the (Pareto-)...

In public procurement a temporal separation of award and actual contracting can frequently be observed. In this paper the authors give an explanation for this institutional setting. For incomplete procurement contracts they show that such may increase efficiency. They show that efficiency can be...