Chatterjee, Santanu; Posch, Olaf; Wesselbaum, Dennis - 2017
In this paper, we analyze the consequences of delays and cost overruns typically associated with the provision of …, unanticipated delays in the provision of public capital generate too much consumption and too little private investment relative to … the first-best optimum. The characterization of the first-best optimum is also affected: facing delays in the arrival of …