Title page for ETD etd-04082009-041449


Type of Document Master's Thesis
Author Incorvia, Joseph H.
URN etd-04082009-041449
Title An evaluation of defense contracting based on transaction cost theory
Degree Master of Arts
Department Economics
Advisory Committee
Advisor Name Title
Mackay, Robert J. Committee Chair
Furbush, S. Dean Committee Member
Meiselman, David I. Committee Member
Keywords
  • United States
Date of Defense 1990-12-14
Availability restricted
Abstract
This study investigates the use of the transaction cost paradigm, as a framework, for evaluating defense contracts and exploring problems related to defense contracting. The study shows that defense contracting is beleaguered with bounded rationality and uncertainty problems, and furthermore, that bounded rationality and uncertainty can lead to opportunistic behavior within defense contracting. The study shows, in particular that adverse selection, moral hazard, and hold-up problems exist within defense contracting.

Based on the results of this study the transaction cost paradigm can be used as a framework for evaluating defense contracts and related problems. The results also indicate that hold-up problems and moral hazard problems may be minimized by using proper contracts or acquisition strategies. Based on the case study in Chapter III there does not appear to be a contractual solution to adverse selection problems.

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