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ToolsDanau, D., 2009. A note on fixed and flexible-term contracts. Economics Bulletin, 29 (2), 964-975.
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Abstract
Engel et al. (1997 2001 2007) have proposed flexible-term contracts as a solution to suboptimal renegotiation of public-private partnerships. We show that whenever the uncertainty lasts over more than two periods, flexible-term contracts have a drawback. The expected duration of a flexible-term contract can be higher than the (certain) duration of a fixed-term contract, the difference being directly proportional to the volatility of the project.
| Item Type: | Article |
|---|---|
| ISSN: | 1545-2921 |
| Group: | Bournemouth University Business School |
| ID Code: | 17532 |
| Deposited By: | Unnamed user with email ddanau@bournemouth.ac.uk |
| Deposited On: | 24 Mar 2011 10:51 |
| Last Modified: | 14 Mar 2022 13:38 |
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