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We analyze the problem of a buyer who purchases a long-term project from one of several suppliers. A changing state of the world influences the costs of the suppliers. Complete contracts conditioning on all future realizations of the state are infeasible. We show that contractual incompleteness...
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Centralization of public procurement can lower prices for the government's direct purchase of goods and services. This … paper focuses on indirect savings. Public administrations that do not procure directly through a central procurement agency …
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