ABSTRACT:Transaction cost economics is used to produce a conceptual framework that helps explain public-sector contract decisions. When a product is easy to specify, easy to produce, and there is a thick market of buyers and sellers, fixed-price contracts are more likely; when a product is difficult to produce, difficult to specify, and the market has few buyers and sellers, costreimbursement contracts are more likely. These arguments were tested with five years of data (FY 2004(FY -2008
This innovation primer was prepared by the Observatory of Public Sector Innovation (OPSI), in the Open and Innovative Government Division of the Public Governance Directorate (GOV) of the OECD. OPSI collects and analyses examples and shared experiences of public sector innovation to provide practical advice to countries on how to make innovation work. This primer has been drafted by James Mohun and Alex Roberts of OPSI, under the coordination of Marco Daglio, Head of OPSI.
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