Economic balance principle and public contracting in Colombia

The public contracting in Colombia is conflicting and inefficient. It frequentlyleads to the patrimonial damage to the State. Colombian legal system cannot assure the efficient and transparent public contracting. The cause isthe institutional environment characterized by high transaction costs. TheColombian law makes things worse by recognizing the principle of economicequilibrium of the public contracts. This principle augments the contractincompleteness and makes impossible the use of the economic incentives tocontrol the opportunism of the economic agents. The authors present thehypothesis that the economic equilibrium principle increases the conflictivenature of the public contracting. They make the empirical test of the hypothesis.The first section of the paper presents the summary of the literatureon the transaction costs economics, as well as the legal literature on thehistorical origin and the content of the economic equilibrium principle.The second section describes the methodology of the empirical study. Thethird section shows the empirical evidence of the effects that the economicequilibrium principle exerts over the public contracting. The last sectionpresents the conclusions.

• Autores: Yuri Gorbaneff; Pontificia Universidad Javeriana; Gina Cabarcas; Universidad de los Andes
• Fecha de publicación: 2010
• Institución: Universidad del Norte
• Repositorio: Repositorio Uninorte
• Idioma: spa
• OAI Identifier: oai:manglar.uninorte.edu.co:10584/3426
• Acceso en línea: http://rcientificas.uninorte.edu.co/index.php/derecho/article/view/681; http://hdl.handle.net/10584/3426
• License: http://purl.org/coar/access_right/c_abf2