auction in which bids represent an enforceable contract; 2) a procurement auction in which, upon learning the true cost of …This note contains the equilibrium bid functions for two types of common-value procurement auctions: 1) a procurement … their bid, which is returned at the end of the auction unless they are the low bidder and renegotiate the contract …

We consider a multi-dimensional procurement problem in which sellers have private information about their costs and … Bayesian procurement mechanism that implements the efficient allocation under the constraint that sellers are protected by …

Renegotiation is a common practice in procurement auctions which allows for post-auction price adjustments and is … nominally intended to deal with the problem that sellers might underestimate the eventual costs of a project during the auction …

We test recent theory on the benefits of auctions and bargaining as alternative procurement mechanisms using data on … the procurement of medical devices by Italian hospitals. Theory suggests that auctions perform well when cost control is …

Cost overrun is ubiquitous in public procurement. We argue that this can be the result of a constraint optimal award … a simple design initially enhances competition in the auction. Moreover, the procurer cannot benefit from using a multi …-dimensional auction, as the optimal scoring rule depends only on the price. …