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corruption risks often observed in negotiated procedures. For rule-based procedures, we show that a "third-price lottery" in …
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action became permanent features of the G20 agenda. Tackling corruption was one of them. Corruption is being characterised as … an international problem requiring collective corrective action. The G20 established an Anti-Corruption Working Group as … early as in 2010, at the fourth summit in Toronto, which sets the Anti-Corruption Action Plan for the G20 members. Over the …
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We provide a general framework in which to determine the optimal penalty fee inducing the contractor to respect the contracted delivery date in public procurement contracts (PPCs). We do this by developing a real option model that enables us to investigate the contractor's value of investment...
Persistent link: https://www.econbiz.de/10008823913
Time overruns are common in public works and are not confined to inherently complex tasks. One explanation advanced in this paper is that bidders can undergo unpredictable changes in production costs which generate an option value of waiting. By exploiting the real-option approach, we examine...
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This paper considers the supplier's strategic delivery lead time in a public procurement setting as the result of the firm's opportunistic behaviour on the optimal investment timing. In the presence of uncertainty on construction costs, we model the supplier's option to defer the contract's...
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