require long-term commitments. Landowners, however, can decide to prematurely terminate the contract when the opportunity cost … views non-enforcement of contract terms as a source of real-options, the paper offers the following contributions. First, it … play in avoiding such potential bias in contract allocation. …

. By exploiting the real-option approach, we examine how the inability to force sellers to meet the contract time … when the contract does not provide for any compensation for late-delivery. -- Public Procurement ; Fixed-Price Contracts …

. We consider a stylized repeated procurement framework in which a buyer awards a contract over time to two firms with …