Efficient Cost-Saving Bidding Strategies for Highway and Bridge Projects

ByThe Short Paper

Scaling Auctions as Insurance: A Case Study in Infrastructure Procurement Most U.S. government spending on highways and bridges involves a bidding process where private construction firms submit price bids for each material needed. Researchers studied bridge maintenance projects in Massachusetts and found that firms bid strategically to minimize risk, especially on uncertain items. They estimated…

The Macroeconomics of the Greek Depression

ByThe Short Paper

Greece underwent a substantial economic boom until 2007, followed by a profound and enduring economic collapse. A detailed analysis employing a dynamic general equilibrium model revealed that the boom in production was primarily fueled by external demand and government consumption, while increased transfers contributed to higher consumption. Contrary to conventional expectations, both wages and prices…