Adverse Selection and Renegotiation in Procurement
刻画了存在承诺和重新谈判的两期采购模型均衡，分析重新谈判的长期合同是否类似未重新谈判的长期合同或一系列短期合同的结果，并与多单位耐用品垄断问题关联。
As was shown by Dewatripont, optimal long-term contracts under asymmetric information are generally not time-consistent. This paper fully characterizes the equilibrium of a two-period procurement model with commitment and renegotiation. It also analyzes whether renegotiated long-term contracts yield outcomes resembling those under either unrenegotiated long-term contracts or a sequence of short-term contracts, and links the analysis with the multiple unit durable good monopoly problem.