. 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. …

incomplete contract. It is shown that the efficiency of these solutions is very sensitive to the characteristics of the good or …

uncertainty, regarding both contract conditions and final outcome. In this phase, parties are requested, according to country …

require long-term commitments. Landowners, however, can decide to prematurely terminate the contract when the opportunity cost … provide for sufficiently strong incentives against early exit. Integrating the literature on scoring auctions with that which … views non-enforcement of contract terms as a source of real-options, the paper offers the following contributions. First, it …

We argue that a contract provides a reference point for a trading relationship: more precisely, for parties' feelings … permitted by the contract. A party who is shortchanged shades on performance. A flexible contract allows parties to adjust their …

We explore a model in which agents enter into a contract but are uncertain about how a judge will enforce it. The judge … rules, the minimum amount of evidence that induces adoption is (weakly) decreasing over time. We also examine the breadth of …

incomplete contract. It is shown that the efficiency of these solutions is very sensitive to the characteristics of the good or …