and rule-based auction procurement procedures. We show that adopting a two stage approach in which bureaucrats first …

contracted delivery date in public procurement contracts (PPCs). We do this by developing a real option model that enables us to … optimal penalty should be higher than those set according to the present Italian law. -- Public Procurement Contracts …

when the contract does not provide for any compensation for late-delivery. -- Public Procurement ; Fixed-Price Contracts …

This paper considers the supplier's strategic delivery lead time in a public procurement setting as the result of the …. Then, we calibrate the model using parameters that mimic the Italian procurement for public works and calculate the maximum … penalty enforcement by the courts of law. -- Strategic Time Overruns ; Public Procurement ; Real Options …