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	Provedor de dados AgEcon (1) Autor D'Alpaos, Chiara (1) Moretto, Michele (1) Valbonesi, Paola (1) Vergalli, Sergio (1) Palavra-chave Contract Incompleteness (1) D81 (1) Enforceability of Rules (1) Financial Economics (1) H57 (1) Investment Timing Flexibility (1) L33 (1) Penalty Fee (1) Public Procurement Contracts (1) Mais... Tipo do documento Working or Discussion Paper (1) Ano 2009 (1) País United States (1) Idioma Inglês (1)		Ordenar por:  Relevância Autor Título Ano Registros recuperados: 1 Primeira ... 1 ... Última "It Is Never too late": Optimal Penalty for Investment Delay in Public Procurement Contracts AgEcon D'Alpaos, Chiara; Moretto, Michele; Valbonesi, Paola; Vergalli, Sergio. We provide a general framework in which to determine the optimal penalty fee inducing the contractor to respect the contracted delivery date in public procurement contracts (PPCs). We do this by developing a real option model that enables us to investigate the contractor’s value of investment timing flexibility which the penalty rule - de facto - introduces. We then apply this setting in order to evaluate the range of penalty fees in the Italian legislation on PPCs. According to our calibration analysis, there is no evidence that the substantial delays recorded in the execution times of Italian PPCs are due to incorrectly set penalty fees. This result opens the way for other explanations of delays in Italian PPCs: specifically, we extend our model to... Tipo: Working or Discussion Paper Palavras-chave: Public Procurement Contracts; Penalty Fee; Investment Timing Flexibility; Contract Incompleteness; Enforceability of Rules; Financial Economics; L33; H57; D81. Ano: 2009 URL: http://purl.umn.edu/54351 Registros recuperados: 1 Primeira ... 1 ... Última

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