In public procurement a temporal separation of award and actual contracting can frequently be observed. In this paper … we give an explanation for this institutional setting. For incomplete procurement contracts we show that such a … post-award, pre-contract rent-seeking activities also increase efficiency. This is always the case if the procurement …

We consider a model of cost-based procurement in which the principal faces Knightian uncertainty about the agent …

Most cases of cost overruns in public procurement are related to important changes in the initial project design. This … paper deals with the problem of design specification in public procurement and provides a rationale for design … procurement takes place in the presence of horizontally differentiated contractors, the design's specification level is seen to …

Over the past several decades, the federal procurement system in the United States has grown remarkably, and now totals … over $500 billion annually. Over that same period, the rules governing federal procurement have been buffeted by broad … the procurement system or its reform. Agency theory provides one such theoretical model. Long established in economics and …

The literature on public procurement pays great attention to the rules underlying tendering procedures as well as on …