In most industries, ranging from information systems development to construction, an overwhelming proportion of projects are delayed beyond estimated completion time. This fact constitutes somewhat of a puzzle for existing theory. The present paper studies project delays and optimal contracts...

This paper sets forth a model of contracting for delivery in an environment with time to build and adverse selection. The optimal contract is derived and characterized and it takes the form of a deadline contract. Such a contract stipulates a deadline for delivery for each possible type of agent...

Casual observation suggests that athletics records tend to cluster over time. After prolonged periods without new records, a record breaking performance spurs other athletes to increase effort and thereby repeatedly set new standards. Subsequently, record breaking subsides and the pattern...