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Discriminatory programs that favor local and small firms in government procurement are common in many countries. This … paper studies the long-run impact of procurement discrimination on market structure and future competition in industries … where learning-by-doing makes incumbent firms more efficient over time. We consider a sequential procurement design problem …
Persistent link: https://www.econbiz.de/10013315854
investigate the impact this change in procurement contracts has on efficiency. Focusing on coal mines, we find that those selling …
Persistent link: https://www.econbiz.de/10013030481
For the procurement of complex goods the early exchange of information is important to avoid costly renegotiation ex … use of negotiations as a procurement mechanism in private industry …
Persistent link: https://www.econbiz.de/10013024680
Cost overrun is ubiquitous in public procurement. We argue that this can be the result of a constraint optimal award …
Persistent link: https://www.econbiz.de/10012993698
under pressure. On the basis of theory and available empirical insights, the paper outlines the conditions where specific … organisational and contractual solutions are best suited. Optimum rig procurement will depend in part on whether the oil companies … and capacity to manage and follow up procurement …
Persistent link: https://www.econbiz.de/10013046580
We analyse procurement auctions in which sellers are distinguished on the basis of the ratios of quality per unit of …
Persistent link: https://www.econbiz.de/10013078958
We propose a model that delivers endogenous variations in term spreads driven by banks' portfolio decision while facing the risk of maturity transformation. First, we show that fluctuations of the future profitability of banks' portfolios affect their ability to cover for any liquidity needs and...
Persistent link: https://www.econbiz.de/10013089685
We study the optimality of taxing capital income according to a Rate-of-Return Allowance proposed by the Mirrlees Review. In a mean-variance framework the optimal tax on risk-free returns is zero with constant returns to scale in private investment, but positive with decreasing returns to scale,...
Persistent link: https://www.econbiz.de/10012962987
This paper investigates the limit properties of mean-variance (mv) and arbitrage pricing (ap) trading strategies using a general dynamic factor model, as the number of assets diverge to infinity. It extends the results obtained in the literature for the exact pricing case to two other cases of...
Persistent link: https://www.econbiz.de/10013153425
This paper proposes a novel test of zero pricing errors for the linear factor pricing model when the number of securities, N, can be large relative to the time dimension, T, of the return series. The test is based on Student t tests of individual securities and has a number of advantages over...
Persistent link: https://www.econbiz.de/10012955752