The global value of public procurement spending is enormous. Each year, approximately 19% of the EU GDP is spent by over 250,000 public authorities purchasing services, works and supplies. The sheer scale of public procurement spending and supplier selection decisions can literally create and...

We explain the firm downsizing trend of the recent decades by the new abundance of information - the ICT revolution. Production processes differ in their information requirements: while decentralized production by means of market exchanges is information-intensive, less information per unit of...