. 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 …

. 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 …

Although a punishment can be applied only once, the threat to punish can be repeated several times. This is possible … because, when parties comply, the punishment is not applied and can thus be used to support a new threat. We refer to this … every time a party complies; hence, at each round a new reward is needed. We show that the multiplication effect of sticks …

and incentives, can induce firms to behave strategically: they will offer very low bids to be awarded the contract … the specification of the type of contract to be awarded. Less attention has been paid to the incompleteness of the … contract; this issue is relevant in the public work sector because it offers room for the contract renegotiation and, therefore …

The majority of American jurisdictions do not allow punitive damages for breach of contract unless the breach … constitutes an independent tort. Increasingly, courts and commentators have relied on the theory of “efficient breach” to explain … a different rule — one allowing punitive damages for any willful breach of contract.Willful breaches fall into two …