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Delay in joint projects

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  • Kessing, Sebastian Georg

Abstract

If a public project is financed through private contributions with convex costs, project completion may be delayed. The paper examines how asymmetries, the order of moves, and the absence of commitment will affect the completion time. All three factors are shown to cause delay, although for different reasons. Without commitment, individual contributions are strategic complements in the completing Markov perfect equilibrium, such that partial harmonization of strategies is beneficial for all. -- Wird ein öffentliche Projekt durch private Beiträge finanziert und sind die Kosten dieser Beiträge konvex, so kann die Fertigstellung des Projektes verzögert werden. Es wird untersucht, wie Asymmetrien, die Zugfolge der beteiligten Akteure und das Fehlen von Bindungsmechanismen die Fertigstellungszeit beeinflussen. Diese Faktoren können alle zu Verzögerungen führen, jedoch aus sehr unterschiedlichen Gründen. Es zeigt sich, dass ohne Bindungsmechanismen die individuellen Beiträge strategische Komplemente sind. Dies hat wichtige Implikationen für die Vorteilhaftigkeit von partieller Kooperation einer Teilgruppe.

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Paper provided by Social Science Research Center Berlin (WZB) in its series Discussion Papers, Research Unit: Market Processes and Governance with number SP II 2003-15.

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Date of creation: 2003
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Handle: RePEc:zbw:wzbmpg:spii200315

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Keywords: Delay; private provision; public project;

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  1. Joseph Farrell & Garth Saloner, 1988. "Coordination through Committees and Markets," RAND Journal of Economics, The RAND Corporation, vol. 19(2), pages 235-252, Summer.
  2. Wirl, Franz, 1996. "Dynamic voluntary provision of public goods: Extension to nonlinear strategies," European Journal of Political Economy, Elsevier, vol. 12(3), pages 555-560, November.
  3. Buchhilz, W. & Konrad, K.A. & Lommerund, K.E., 1997. "Stackelberg Leadership and Transfers in Private Provision of Public Goods," Norway; Department of Economics, University of Bergen 170, Department of Economics, University of Bergen.
  4. Marx, Leslie M & Matthews, Steven A, 2000. "Dynamic Voluntary Contribution to a Public Project," Review of Economic Studies, Wiley Blackwell, vol. 67(2), pages 327-58, April.
  5. Gradstein, Mark, 1992. "Time Dynamics and Incomplete Information in the Private Provision of Public Goods," Journal of Political Economy, University of Chicago Press, vol. 100(3), pages 581-97, June.
  6. Gaudet, Gerard & Salant, Stephen W, 1991. "Increasing the Profits of a Subset of Firms in Oligopoly Models with Strategic Substitutes," American Economic Review, American Economic Association, vol. 81(3), pages 658-65, June.
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