Toward the betterment of risk allocation: Investigating risk perceptions of Australian stakeholder groups to public-private-partnership tollroad projects
AbstractThis paper presents a qualitative assessment of the risk perceptions held by key Australian stakeholder groups in the context of tollroads operated under the public-private-partnership model. The findings confirm that experience accumulated in recent years has contributed toward the betterment of risk-sharing optimisation amongst the contracting parties. The knowledge acquired through in-depth interviews supports the common view that equitable risk sharing is the vital ingredient of value for money. The proposition that the private sector is better equipped to manage commercial risks involving economic decision making whilst risks that have embedded unquantifiable social and public values and those in the domain of public governance are best left with government alone, appears to be replete with refutable implications. Public perception is a malleable concept and should be managed by both sectors.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Elsevier in its journal Research in Transportation Economics.
Volume (Year): 30 (2010)
Issue (Month): 1 ()
Contact details of provider:
Web page: http://www.elsevier.com/wps/find/journaldescription.cws_home/620614/description#description
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Rob Ball & Maryanne Heafey & David King, 2003. "Risk transfer and value for money in PFI projects," Public Management Review, Taylor & Francis Journals, vol. 5(2), pages 279-290, June.
- Darinka Asenova & Matthias Beck, 2003. "The UK Financial Sector and Risk Management in PFI Projects: A Survey," Public Money & Management, Taylor & Francis Journals, vol. 23(3), pages 195-202, July.
- Frederic Blanc-Brude & Roger Strange, 2007. "How Banks Price Loans to Public-Private Partnerships: Evidence from the European Markets," Journal of Applied Corporate Finance, Morgan Stanley, vol. 19(4), pages 94-106.
- John Hall, 1998. "Private opportunity, public benefit?," Fiscal Studies, Institute for Fiscal Studies, vol. 19(2), pages 121-140, May.
- Edwin Buitelaar & Rob Van der Heijden & Raffael Argiolu, 2007. "Managing Traffic by Privatization of Road Capacity: A Property Rights Approach," Transport Reviews, Taylor & Francis Journals, vol. 27(6), pages 699-713, January.
- Lay, M. G. & Daley, K. F., 2002. "The Melbourne City Link Project," Transport Policy, Elsevier, vol. 9(3), pages 261-267, July.
- Odeck, James & Bråthen, Svein, 2002. "Toll financing in Norway: The success, the failures and perspectives for the future," Transport Policy, Elsevier, vol. 9(3), pages 253-260, July.
- Flyvbjerg, Bent, 2005. "Policy and planning for large infrastructure projects : problems, causes, cures," Policy Research Working Paper Series 3781, The World Bank.
- Christine Brown, 2005. "Financing Transport Infrastructure: For Whom the Road Tolls," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 38(4), pages 431-438, December.
- Williamson, Oliver E, 1979. "Transaction-Cost Economics: The Governance of Contractural Relations," Journal of Law and Economics, University of Chicago Press, vol. 22(2), pages 233-61, October.
- Froud, Julie, 2003. "The Private Finance Initiative: risk, uncertainty and the state," Accounting, Organizations and Society, Elsevier, vol. 28(6), pages 567-589, August.
- Nonie Malone, 2005. "The Evolution of Private Financing of Government Infrastructure in Australia-2005 and Beyond," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 38(4), pages 420-430, December.
- Darinka Asenova & Matthias Beck, 2003. "The UK Financial Sector and Risk Management in PFI Projects: A Survey," Public Money & Management, Chartered Institute of Public Finance and Accountancy, vol. 23(3), pages 195-202, 07.
- Guðrið Weihe, 2008. "Public-Private Partnerships and Public-Private Value Trade-Offs," Public Money & Management, Taylor & Francis Journals, vol. 28(3), pages 153-158, June.
- Olivier Debande, 2002. "Private Financing of Transport Infrastructure: An Assessment of the UK Experience," Journal of Transport Economics and Policy, London School of Economics and University of Bath, vol. 36(3), pages 355-387, September.
- Viegas, José M., 2001. "Making urban road pricing acceptable and effective: searching for quality and equity in urban mobility," Transport Policy, Elsevier, vol. 8(4), pages 289-294, October.
- Allyson M. Pollock & David Price & Stewart Player, 2007. "An Examination of the UK Treasury's Evidence Base for Cost and Time Overrun Data in UK Value-for-Money Policy and Appraisal," Public Money & Management, Chartered Institute of Public Finance and Accountancy, vol. 27(2), pages 127-134, 04.
- Whitehead, Tim, 2002. "Road user charging and business performance: identifying the processes of economic change," Transport Policy, Elsevier, vol. 9(3), pages 221-240, July.
- Allyson M. Pollock & David Price & Stewart Player, 2007. "An Examination of the UK Treasury's Evidence Base for Cost and Time Overrun Data in UK Value-for-Money Policy and Appraisal," Public Money & Management, Taylor & Francis Journals, vol. 27(2), pages 127-134, April.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.