This study examines procurement policy issues in light of recent concerns on delays in project implementation and underspending of government agencies. In the 2014 and 2015 reports of the Department of Budget and Management, procurement is cited as a reason for underspending. Likewise,...

This paper studies the evolutionary stability of the unique Nash equilibrium of a first price sealed bid auction. It is shown that the Nash equilibrium is not asymptotically stable under payoff monotonic dynamics for arbitrary initial popu- lations. In contrast, when the initial population...