. By exploiting the real-option approach, we examine how the inability to force sellers to meet the contract time …Time overruns are common in public works and are not confined to inherently complex tasks. One explanation advanced in … when the contract does not provide for any compensation for late-delivery. -- Public Procurement ; Fixed-Price Contracts …

; Penalty Fee ; Investment Timing Flexibility ; Contract Incompleteness ; Enforceability of Rules …

winning more than one contract, whereas other bidders have increasing average cost functions. The combinatorial bidding …

This paper considers the supplier's strategic delivery lead time in a public procurement setting as the result of the … model the supplier's option to defer the contract's execution as a Put Option. We include in the model both the discretion … amount that a firm is "willing to pay" (per day) to postpone the delivery date and infringe the contract provisions. Our …

at the time incentives required to ensure compliance with the promised optimal trigger value. We show that ex …Drawing on the real-options theory we analyse bidding behaviour in a sealed-bid-first-score procurement auction where … suppliers, facing variable production costs, must simultaneously report the contract price and the cost level at which they …

framework where punishment ("stick") and rewarding ("carrot") options are available, here we show analytically that the presence … of cooperators who don't punish in the population makes altruistic punishment evolutionarily weak. We show that … cooperation breaks down and strong reciprocity is maladaptive if costly punishment means "punishing defectors" and, even more so …