Measuring What Matters in Public Procurement Law: Efficiency, Quality and More

Modem public procurement laws—such as the U.S. Federal Acquisition Regulation—are based on the principle of efficiency. Recent revisions have introduced the concepts of sustainability and anti-corruption. Decision makers are now confronted with new goals that ask for trade-offs. However, no structured method to assess their effects exists. This Article stresses the need for regulatory impact assessments to evaluate the economic consequences of public procurement regulation. It suggests two evaluation frameworks and defines parameters to measure the benefits of public procurement law. Overall, the Article aims at informing the policy debate on better procurement regulation, suggesting a "more economic approach."