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The concession contract establishes a formal relationship of exchange of service and money between the host government and concessionaire. Ideally, it will specify the obligations and rights of each party under every contingency concerning the future trade, and each party simply follows the specified instructions. This contracting mechanism, however, is flawed due to three problems: moral hazard,...
In August 2008, James Madison University will enroll its first engineering students into a unique engineering program focused on sustainable societies. A significant component of this integrated program is the six- semester 10-credit design laboratory sequence that stretches from the sophomore year to graduation. We present a divergence from the generally accepted approach to sustainability (normally...
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