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Delegating Procurement to Experts

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Author Info
Tracy Lewis
Chifeng Dai

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Abstract

Buyers frequently delegate purchase decisions to sellers who are better informed about supply options and the cost of service. This paper analyzes how buyers optimally contract with sellers who vary in their expertise at prescribing service. We show that the most expert suppliers offer the greatest variation in advice. Buyers benefit from dealing with experts provided they contract sequentially whereby terms are negotiated gradually as the supplier acquires information

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Publisher Info
Paper provided by Econometric Society in its series Econometric Society 2004 North American Summer Meetings with number 247.

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Date of creation: 11 Aug 2004
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Handle: RePEc:ecm:nasm04:247

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Related research
Keywords: procurement; contract; information structures;

Find related papers by JEL classification:
D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information
L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation

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This page was last updated on 2009-12-2.

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