English, Article edition: A BUREAUCRAT'S PROCUREMENT STRATEGY: BUDGET CONSTRAINTS AND RATIONING Signe ANTHON; Peter BOGETOFT; Bo Jellesmark THORSEN

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Bookmark: http://trove.nla.gov.au/version/167367
Physical Description
  • article
Language
  • English

Edition details

Title
  • A BUREAUCRAT'S PROCUREMENT STRATEGY: BUDGET CONSTRAINTS AND RATIONING
Author
  • Signe ANTHON
  • Peter BOGETOFT
  • Bo Jellesmark THORSEN
Physical Description
  • article
Notes
  • We investigate a bureaucratic principal responsible for the procurement of goods and services from private agents. The bureaucrat is evaluated on output and controlled by a limited budget. The agents maximize profit, have private information about variable production costs, and have positive outside options which are lost upon acceptance of a procurement contract. The setting is relevant for, e.g. governmental agencies. We show how this setup makes probabilistic rationing and overproduction for low-cost agents a useful tool for the bureaucrat. Copyright 2007 The Authors Journal compilation © CIRIEC 2007.
  • RePEc:bla:annpce:v:78:y:2007:i:2:p:221-244
Language
  • English
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