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Holdups, quality choice, and the Achilles' heel in government contracting

Bös, Dieter; Lülfesmann, Christoph - 2001

This paper investigates a procurement relationship between a welfare-oriented government and a private supplier. The agents face several versions of the trading good which differ in quality and production costs, and the differences between those items are undescribable ex ante. In presence of...

Persistent link: https://www.econbiz.de/10011539057

Self-correcting mechanisms in public procurement : why award and contract should be separated

Bös, Dieter; Kolmar, Martin - 2000

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 separation may increase efficiency. We show that efficiency can be...

Persistent link: https://www.econbiz.de/10011539673

From Complete to Incomplete (Contracts) : A Survey of the Mainstream Approach to the Theory of Privatisation

Walker, Paul - 2017

In this essay we survey the literature on the theory of privatisation. We look at two periods defined by their … relationship to the theory of the firm. In the period up to 1990 the literature followed the theory of the firm in using a complete …

Persistent link: https://www.econbiz.de/10012974189

The Proper Scope of Government : Theory and an Application to Prisons

Hart, Oliver; Shleifer, Andrei; Vishny, Robert W. - 2021

effect on non-contractible quality. The model is applied to understanding the costs and benefits of prison privatization …

Persistent link: https://www.econbiz.de/10013240524

Benevolent government, managerial incentives, and the virtues of privatization

Lülfesmann, Christoph - 2002

We show that privatization can be beneficial even if the government is rational and benevolent, and if the firm …, privatization is strictly preferable if the firm's future survival does not crucially depend on the success of managerial effort. …

Persistent link: https://www.econbiz.de/10011597691

The Proper Scope of Government : Theory and an Application to Prisons

Hart, Oliver - 1996

effect on non-contractible quality. The model is applied to understanding the costs and benefits of prison privatization …

Persistent link: https://www.econbiz.de/10012473090

Partial Privatization and Incomplete Contracts - the Proper Scope of Government Reconsidered

Schmitz, Patrick W. - 2003

In this paper it is argued that privatization is not the only alternative to public ownership. Adopting the incomplete … contract approach, it is shown that partial privatization may well be the optimal ownership structure. While in the standard … privatization can be optimal since it mitigates the disadvantages of public ownership (no incentives to improve quality if the …

Persistent link: https://www.econbiz.de/10014089721