Ocorrer\u00e1 no dia 13\/07\/2022 \u00e0s 16h o Semin\u00e1rio de Pesquisa \u201cTHE EFFECT OF EXIT RIGHTS ON COST-BASED PROCUREMENT CONTRACTS\u201d na \u00e1rea de Economia Aplicada, ministrado por Henrique Castro-Pires (University of Surrey)<\/p>\n\n\n\n
Autores<\/strong>: Henrique Castro-Pires (apresentador, University of Surrey), Humberto Moreira (FGV\/EPGE) e Rodrigo Andrade (Banco Mundial)<\/p>\n\n\n\n Abstract<\/strong>: This paper studies procurement contracts in an environment with dynamic arrival of information and ex-post exit rights. A procuring agency designs contracts for a firm that receives information over time. In the first period, the firm receives a private non-fully informative signal about the project’s cost. In the second period, the firm fully learns the cost and decides whether to keep the contract or take an exogenous ex-post outside option. When the ex-post outside option is sufficiently close to the ex-ante outside option, the optimal mechanism takes a static form: it pools all first-period signal reports into a single contract, and payments depend solely on the second-period reports. The interpretation is that optimal contracts do not condition transfers on ex-ante cost estimates but only on realized costs. Finally, we show that if the procuring agency neglects the firm’s ex-post participation constraint, the firm has the incentive first to underreport expected costs and then take the ex-post outside option if the realized costs are high. This observation is consistent with the ubiquitous cost-overruns observed empirically in procurement projects.<\/p>\n","protected":false},"excerpt":{"rendered":" Ocorrer\u00e1 no dia 13\/07\/2022 \u00e0s 16h o Semin\u00e1rio de Pesquisa \u201cTHE EFFECT OF EXIT RIGHTS ON COST-BASED PROCUREMENT CONTRACTS\u201d na \u00e1rea de Economia Aplicada, ministrado por Henrique Castro-Pires (University of Surrey) Autores: Henrique Castro-Pires (apresentador, University of Surrey), Humberto Moreira (FGV\/EPGE) e Rodrigo Andrade (Banco Mundial) Abstract: This paper studies procurement contracts in an environment […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[9,3],"tags":[],"class_list":["post-1531","post","type-post","status-publish","format-standard","hentry","category-economia-aplicada","category-seminarios"],"_links":{"self":[{"href":"https:\/\/www.ufrgs.br\/ppge\/wp-json\/wp\/v2\/posts\/1531","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ufrgs.br\/ppge\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ufrgs.br\/ppge\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ufrgs.br\/ppge\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ufrgs.br\/ppge\/wp-json\/wp\/v2\/comments?post=1531"}],"version-history":[{"count":2,"href":"https:\/\/www.ufrgs.br\/ppge\/wp-json\/wp\/v2\/posts\/1531\/revisions"}],"predecessor-version":[{"id":1535,"href":"https:\/\/www.ufrgs.br\/ppge\/wp-json\/wp\/v2\/posts\/1531\/revisions\/1535"}],"wp:attachment":[{"href":"https:\/\/www.ufrgs.br\/ppge\/wp-json\/wp\/v2\/media?parent=1531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ufrgs.br\/ppge\/wp-json\/wp\/v2\/categories?post=1531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ufrgs.br\/ppge\/wp-json\/wp\/v2\/tags?post=1531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}