Adverse Selection and Renegotiation in Procurement
نویسندگان
چکیده
منابع مشابه
Procurement and Renegotiation
Parties bound by an incomplete contract have an incentive to renegotiate after acquiring new information. The issue of the parties' investment in the relationship before renegotiation is analyzed in a simple two-period procurement model. The firm invests in the first period. It then learns its production cost and the sponsor learns its value for the project. Williamson' s underinvestment presum...
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We study an in nitely repeated principal-agent model with adverse selection and renegotiation. The model is suitable for studying procurement, labor market relationships, and monopoly pricing, which is our main interpretation. A monopolist faces a consumer who has private information regarding his preferences for quality. The monopolist can o¤er long-term contracts, promising to deliver a certa...
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15 صفحه اولRenegotiation of Defense Procurement Contracts
Ex ante contract terms are not always enforced ex post. Through the analysis of enforcement conditions of outsourcing contracts in the French defense procurement sector, I identify the determinants of renegotiations. I demonstrate that analyzing formal arrangements is not enough to account for renegotiations. Informal decision-making plays a major role in that perspective. Determinants of reneg...
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This note contains the equilibrium bid functions for two types of common-value procurement auctions: 1) a procurement auction in which bids represent an enforceable contract; 2) a procurement auction in which, upon learning the true cost of supplying the good, the winning bidder can renegotiate the contract with the buyer, and each bidder must submit a bond with their bid, which is returned at ...
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ژورنال
عنوان ژورنال: The Review of Economic Studies
سال: 1990
ISSN: 0034-6527
DOI: 10.2307/2298088