全球智库信息集成服务系统(G2TT): Time Overruns as Opportunistic Behavior in Public Procurement

G2TT

来源类型	FEEM working papers "Note di lavoro" series
规范类型	论文
	Time Overruns as Opportunistic Behavior in Public Procurement
	Chiara D’Alpaos; Michele Moretto; Paola Valbonesi; Sergio Vergalli
发表日期	2012
出处	Economy and Society
出版年	2012
语种	英语
摘要	This paper considers the supplier’s strategic delivery lead time in a public procurement setting as the result of the firm’s opportunistic behaviour on the optimal investment timing. In the presence of uncertainty on construction costs, we model the supplier’s option to defer the contract’s execution as a Put Option. We include in the model both the discretion of the court of law in enforcing contractual clauses (i.e. a penalty for delays) and the "quality" of the judicial system. Then, we calibrate the model using parameters that mimic the Italian procurement for public works and calculate the maximum amount that a firm is "willing to pay" (per day) to postpone the delivery date and infringe the contract provisions. Our results show that the incentive to delay is greater the higher the construction costs and their volatility, and the weaker the penalty enforcement by the courts of law. *** Suggested citation: Chiara D’Alpaos, Michele Moretto, Paola Valbonesi, Sergio Vergalli, Time overruns as opportunistic behavior in public procurement, Journal of Economics, September 2013, Volume 110, Issue 1, pp 25-43, http://rd.springer.com/article/10.1007%2Fs00712-013-0352-6
特色分类	D81;H54;H57;L51
关键词	Strategic Time Overruns Public Procurement Real Options
URL	https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/time-overruns-as-opportunistic-behavior-in-public-procurement/
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/118016
推荐引用方式 GB/T 7714	Chiara D’Alpaos,Michele Moretto,Paola Valbonesi,et al. Time Overruns as Opportunistic Behavior in Public Procurement. 2012.

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
201210291633431Nota_（71KB）	智库出版物		限制开放	CC BY-NC-SA	浏览
201210291633564NDL20（2491KB）	智库出版物		限制开放	CC BY-NC-SA	浏览