The procurement of complex projects is often plagued by large cost overruns. One important reason for these additional … inefficiencies: inefficient renegotiation, inefficient production and inefficient design. We derive the welfare optimal direct …

For the procurement of complex goods the early exchange of information is important to avoid costly renegotiation. If …

question in the context of the US federal procurement of services and works, by combining contract-level data on procurement …

that might fail to deliver. The buyer conducts a procurement auction to determine contract suppliers and can choose between … plays an important role in procurement practice but attracted little attention in the academic analysis of procurement … auctions. Academic research on multi-sourcing procurement auction typically analyzes these auctions as stand-alone events. In …