全球智库信息集成服务系统(G2TT): It Is Never too Late: Optimal Penalty for Investment Delay in Italian Public Procurement Contracts

G2TT

来源类型	FEEM working papers "Note di lavoro" series
规范类型	论文
	It Is Never too Late: Optimal Penalty for Investment Delay in Italian Public Procurement Contracts
	Chiara D’Alpaos; Michele Moretto; Paola Valbonesi; Sergio Vergalli
发表日期	2009
出处	Economy and Society
出版年	2009
语种	英语
摘要	We provide a general framework in which to determine the optimal penalty fee inducing the contractor to respect the contracted delivery date in public procurement contracts (PPCs). We do this by developing a real option model that enables us to investigate the contractor’s value of investment timing flexibility which the penalty rule - de facto - introduces. We then apply this setting in order to evaluate the range of penalty fees in the Italian legislation on PPCs. According to our calibration analysis, there is no evidence that the substantial delays recorded in the execution times of Italian PPCs are due to incorrectly set penalty fees. This result opens the way for other explanations of delays in Italian PPCs: specifically, we extend our model to investigate the probability of enforcing a penalty which we assume negatively affected by the "quality" of the judicial system and the discretionality of the court in voiding the rule. Our simulations show that the penalty fee is highly sensitive to the "quality" of the judicial system. Specifically referring to the Italian case, we show that the optimal penalty should be higher than those set according to the present Italian law.
特色分类	L33;H57;D81
关键词	Public Procurement Contracts Penalty Fee Investment Timing Flexibility Contract Incompleteness Enforceability of Rules
URL	https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/it-is-never-too-late-optimal-penalty-for-investment-delay-in-italian-public-procurement-contracts/
来源智库	Fondazione Eni Enrico Mattei (Italy)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/117628
推荐引用方式 GB/T 7714	Chiara D’Alpaos,Michele Moretto,Paola Valbonesi,et al. It Is Never too Late: Optimal Penalty for Investment Delay in Italian Public Procurement Contracts. 2009.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
200911181748411Nota_（71KB）	智库出版物		限制开放	CC BY-NC-SA	浏览
20091118174852478-09（2047KB）	智库出版物		限制开放	CC BY-NC-SA	浏览