Título: " How to apply penalties for avoiding delays in projects"
Expositor: Gustavo Bergantiños (Universidad de Vigo)
Abstract: A planner wants to carry on a project involving several firms. In many cases the planner, for instance the Spanish Administration, includes in the contract with the firms some penalties to be paid by the firms in case the project is delayed. We discuss two ways of include penalties. In the first one penalties are applied only when the whole project is delayed. In the second one is applied always. We compare both. The optimal penalty (for the planner) is larger in the second one. The utility of the planner is always lager or equal in the second one. The utility of the firms is always larger or equal in the first one.