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Competitive Bidding and the Production of Precontract Information

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  • Victor P. Goldberg
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    Abstract

    This note is concerned with the effects of contractual complexity on the precontract bidding process. Competitive bidding is seen to be a heterogeneous class of devices for transmitting information between organizations. Even for rather simple contracts (e.g., Demsetz' license plates contract), the purchaser is seldom interested solely in price -- he is interested in acquiring and providing information as well. For complex contracts, such as a fifteen-year cable television franchise, the information problems tend to dominate. The implications of locating the liability for provision of precontract information on providers and on purchasers are considered.

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    Bibliographic Info

    Article provided by The RAND Corporation in its journal Bell Journal of Economics.

    Volume (Year): 8 (1977)
    Issue (Month): 1 (Spring)
    Pages: 250-261

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    Handle: RePEc:rje:bellje:v:8:y:1977:i:spring:p:250-261

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    Web page: http://www.rje.org

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    Web: https://editorialexpress.com/cgi-bin/rje_online.cgi

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    Cited by:
    1. Radkevitch, U.L. & van Heck, H.W.G.M. & Koppius, O.R., 2008. "Choosing between Auctions and Negotiations in Online B2B Markets for IT Services: The Effect of Prior Relationships and Performance," ERIM Report Series Research in Management ERS-2008-004-LIS, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus Uni.
    2. William P. Rogerson, 1988. "Profit Regulation of Defense Contractors and Prizes for Innovation : Theory and Evidence," Discussion Papers 759, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    3. Mason, Charles F., 2014. "Uranium and nuclear power: The role of exploration information in framing public policy," Resource and Energy Economics, Elsevier, vol. 36(1), pages 49-63.
    4. Tadelis, Steven, 2012. "Public procurement design: Lessons from the private sector," International Journal of Industrial Organization, Elsevier, vol. 30(3), pages 297-302.
    5. Robert Ekelund & Richard Saba, 1981. "A note on politics and franchise bidding," Public Choice, Springer, vol. 37(2), pages 343-348, January.
    6. Thomas Lemieux & W. Bentley MacLeod & Daniel Parent, 2012. "Contract Form, Wage Flexibility, and Employment," American Economic Review, American Economic Association, vol. 102(3), pages 526-31, May.
    7. Lisa J. Cameron, 2000. "Limiting Buyer Discretion: Effects on Performance and Price in Long-Term Contracts," American Economic Review, American Economic Association, vol. 90(1), pages 265-281, March.
    8. repec:hal:journl:halshs-00103116 is not listed on IDEAS

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