This paper analyzes situations in which a project consisting of several activities is not realized according to plan. Ifthe project is expedited, a reward arises. Analogously, a penalty arises if the project is delayed. This paper considersthe case of arbitrary nondecreasing reward and penalty...

Organisations initiating a feasibility study for a novel, complex, or unfamiliar project commence with an inherently limited starting knowledge base, and often face an asymmetric information disadvantage to suppliers and competitors. While there is substantial technical literature for informing...

This paper discusses the design, implementation and use of standards from the perspective of transaction costs economics. A proper design and implementation of standards may lead to a considerable reduction of transaction costs, which enhances trade and, consequently, economic welfare. A major...