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Partnering in a (more) complete contract setting
KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
(English)Manuscript (preprint) (Other academic)
Abstract [en]

Partnering is often, by economists, and in construction managerial literature related to moreincomplete contracts. This can be explained by seeing partnering as something that neutralizesopportunism. The first contribution in this paper is to question this view, by identifying thatthe introduction of partnering does not necessarily entail more incomplete contracts. Thisempirical observation can be explained by the advantages of competitive tendering andfurther motivated by the requirement from the public procurement law. The secondcontribution is to motivate partnering in this more complete contract setting, which is donethrough road maintenance examples. Partnering is seen as a way to facilitate the reaching ofmore pareto efficient allocations, by lowering transactions costs for renegotiations throughtrust and reciprocity. Seeing partnering as the willingness to renegotiate complete contractscan reduce the risk for the contractor and lead to lower prices for a given service.

Keyword [en]
Partnering, road maintenance, incomplete contracts, renegotiation, reciprocity, pareto efficiency, transaction costs
National Category
Social Sciences
URN: urn:nbn:se:kth:diva-27636OAI: diva2:379215
QC 20101217Available from: 2010-12-17 Created: 2010-12-17 Last updated: 2010-12-17Bibliographically approved
In thesis
1. Partnering: definition, theory and the procurement phase
Open this publication in new window or tab >>Partnering: definition, theory and the procurement phase
2005 (English)Licentiate thesis, comprehensive summary (Other scientific)
Place, publisher, year, edition, pages
Stockholm: KTH, 2005. 6, 17, 21, 33 p.
TRITA-BFE, ISSN 1104-4101 ; 05:64
Social sciences, partnering, construction, definition, SAMHÄLLSVETENSKAP
National Category
Social Sciences
urn:nbn:se:kth:diva-297 (URN)91-975358-2-6 (ISBN)

QC 20141024

Available from: 2005-07-11 Created: 2005-07-11 Last updated: 2014-10-24Bibliographically approved

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Nyström, Johan
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Building and Real Estate Economics
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