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In public procurement a temporal separation of award and actual contracting can frequently be observed. In this paper we give an explanation for this institutional setting. For incomplete procurement contracts we show that such a separation may increase efficiency. We show that efficiency can be...
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—enforce in court? Contract theory suggests that the very act of contracting is relationship-building; it generates commitment …
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privatization agency, and by both. In the first two cases—one-sided restructuring—a first best can be achieved. In the case of both …
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