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Commitment in Procurement Contracting

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  • Riordan, Michael H
  • Sappington, David E M

Abstract

Limited commitment causes inefficient production and source selecti on in a multistage procurement process wherein the contractor has privat e information about uncertain costs. A contractor's limited liability l eads a monopsonist to rely more on quantity distortions to extract rents. Moreover, sequential contracting makes it difficult for the buyer to identify the most efficient supplier. Copyright 1988 by The editors of the Scandinavian Journal of Economics.

Suggested Citation

  • Riordan, Michael H & Sappington, David E M, 1988. " Commitment in Procurement Contracting," Scandinavian Journal of Economics, Wiley Blackwell, vol. 90(3), pages 357-372.
  • Handle: RePEc:bla:scandj:v:90:y:1988:i:3:p:357-72
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    Cited by:

    1. Georges Dionne & Claude Fluet, 2000. "original papers : Full pooling in multi-period contracting with adverse selection and noncommitment," Review of Economic Design, Springer;Society for Economic Design, vol. 5(1), pages 1-21.
    2. Sarah Parlane, 2003. "Procurement Contracts under Limited Liability," The Economic and Social Review, Economic and Social Studies, vol. 34(1), pages 1-21.

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