A key issue in strategic management in the public sector is how government creates economic and social value through procurement. Unfortunately, most procurement studies are based on contract theories, which fail to incorporate the growing role of strategic management in performance. We fill...

A framework which allows for the joint testing of the adaptive and rational expectations hypotheses is presented. We assume joint normality of expectations, realizations and variables in the information set, allowing for parsimonious interpretation of the data; conditional first moments are...