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| Author: | Bajari, P. Tadelis, S. |
| Title: | Incentives versus transaction costs: a theory of procurement contracts |
| Journal: | RAND Journal of Economics
2001 : AUTUMN, VOL. 32:3, p. 387-407 |
| Index terms: | CONTRACTS INCENTIVES TRANSACTION COSTS |
| Language: | eng |
| Abstract: | Inspired by facts from the private-sector construction industry, the authors develop a model that explains many stylized facts of procurement contracts. The buyer in this model incurs a cost of providing a comprehensive design and is faced with a tradeoff between providing incentives and reducing ex post transaction costs due to costly renegotiation. |
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