We present a new dynamic auction for procurement problems where payments are bounded by a hard budget constraint and …

We present a new dynamic auction for procurement problems where payments are bounded by a hard budget constraint and …

The procurement of complex projects is often plagued by large cost overruns. One important reason for these additional …

of combining auctions and royalty contracts for losers. …

The paper studies procurement contracts with pre-project investigations in the presence of adverse selection and moral …

For the procurement of complex goods the early exchange of information is important to avoid costly renegotiation ex … post. We show that this is achieved by bilateral negotiations but not by auctions. Negotiations strictly outperforms … auctions if sellers are likely to have superior information about possible design improvements, if renegotiation is costly, and …