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Please use this identifier to cite or link to this item: http://hdl.handle.net/2262/60164

Title: Procurement contracts under limited liability
Author: Parlane, Sarah
Keywords: Procurement
Limited liability
Contractors
Issue Date: 2003
Publisher: Economic & Social Research Institute
Citation: Parlane, Sarah. 'Procurement contracts under limited liability'. - Economic & Social Review, Vol. 34, No. 1, Spring, 2003, pp. 1–21, Dublin: Economic & Social Research Institute
Abstract: This paper analyses procurement when contractors have limited liability and when the sponsor cannot commit to any specific form of future negotiation. It shows that introducing limited liability enhances competition and thus the likelihood of bankruptcy. Among efficient auctions in which only the winner gets paid, the commonly used first price auction is shown to give the lowest probability of bankruptcy. Finally, it shows that the characterisation of a mechanism minimising the project’s cost results from trading-off bankruptcy costs with informational rents.
URI: http://hdl.handle.net/2262/60164
ISSN: 00129984
Appears in Collections:Economic and Social Review Archive: Complete Collection 1969-
The Economic and Social Review, Vol. 34, No. 1, Spring, 2003

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