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A survey of problems of economic efficiency in military procurement and contracting. The author makes some specific suggestions for improvements and discusses certain problems that require further study. Background material on contracts is presented. The increasing share of procurement represented by cost-plus-a-fixed-fee contracts is noted and a reclassification of contract types is proposed. The principal change suggested is the establishment of efficiency classes in incentive contracts so that a "hard" cost target can be set. Cost underruns could then more nearly represent truly efficient behavior and not simply be the result of poor cost estimating.

This report is part of the RAND Corporation research memorandum series. The Research Memorandum was a product of the RAND Corporation from 1948 to 1973 that represented working papers meant to report current results of RAND research to appropriate audiences.

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