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A Comparison of Construction Contract Prices for Traditionally Procured Roads and Public–Private Partnerships

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  • Frédéric Blanc-Brude
  • Hugh Goldsmith
  • Timo Välilä

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  • Frédéric Blanc-Brude & Hugh Goldsmith & Timo Välilä, 2009. "A Comparison of Construction Contract Prices for Traditionally Procured Roads and Public–Private Partnerships," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 35(1), pages 19-40, September.
    • Handle: RePEc:kap:revind:v:35:y:2009:i:1:p:19-40
    DOI: 10.1007/s11151-009-9224-1
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    2. Oliver Hart, 2003. "Incomplete Contracts and Public Ownership: Remarks, and an Application to Public-Private Partnerships," Economic Journal, Royal Economic Society, vol. 113(486), pages 69-76, March.
    3. Grout, Paul A., 2005. "Value-for-money measurement in public-private partnerships," EIB Papers 7/2005, European Investment Bank, Economics Department.
    4. Blanc-Brude, Frederic & Goldsmith, Hugh & Valila, Timo, 2007. "Public-Private Partnerships In Europe: An Update," Economic and Financial Reports 2007/3, European Investment Bank, Economics Department.
    5. Flyvbjerg,Bent & Bruzelius,Nils & Rothengatter,Werner, 2003. "Megaprojects and Risk," Cambridge Books, Cambridge University Press, number 9780521009461.
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    8. Oliver Hart & Andrei Shleifer & Robert W. Vishny, 1997. "The Proper Scope of Government: Theory and an Application to Prisons," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 112(4), pages 1127-1161.
    9. Grout, Paul A, 1997. "The Economics of the Private Finance Initiative," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 13(4), pages 53-66, Winter.
    10. Oliver E. Williamson & Scott E Masten (ed.), . "The Economics of Transaction Costs," Books, Edward Elgar Publishing, number 1652.
    11. Riess, Armin, 2005. "Is the PPP model applicable across sectors?," EIB Papers 6/2005, European Investment Bank, Economics Department.
    12. Hart, Oliver, 1995. "Firms, Contracts, and Financial Structure," OUP Catalogue, Oxford University Press, number 9780198288817.
    13. Klein, Michael, 1997. "The Risk Premium for Evaluating Public Projects," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 13(4), pages 29-42, Winter.
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    Cited by:

    1. Zhao, Jianfeng & Greenwood, David & Thurairajah, Niraj & Liu, Henry J. & Haigh, Richard, 2022. "Value for money in transport infrastructure investment: An enhanced model for better procurement decisions," Transport Policy, Elsevier, vol. 118(C), pages 68-78.
    2. David Martimort & Flavio Menezes & Myrna Wooders & ELISABETTA IOSSA & DAVID MARTIMORT, 2015. "The Simple Microeconomics of Public-Private Partnerships," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 17(1), pages 4-48, February.
    3. Indrani Roy Chowdhury & Prabal Roy Chowdhury, 2018. "Public-private Partnerships, Commitment and X-Inefficiency," Discussion Papers 18-04, Indian Statistical Institute, Delhi.
    4. Bartlomiej Rokicki, 2022. "Cost Underruns in Major Road Transport Infrastructure Projects—The Surprising Experience of Poland," Sustainability, MDPI, vol. 14(21), pages 1-18, November.
    5. Frédéric Blanc-Brude, 2014. "Discussion of Finance and Public-Private Partnerships," RBA Annual Conference Volume (Discontinued), in: Alexandra Heath & Matthew Read (ed.),Financial Flows and Infrastructure Financing, Reserve Bank of Australia.
    6. repec:ces:ifodic:v:12:y:2014:i:3:p:19126467 is not listed on IDEAS
    7. Aidan Vining & Anthony Boardman, 2014. "Self-interest Springs Eternal: Political Economy Reasons why Public-Private Partnerships Do Not Work as Well as Expected," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 12(3), pages 17-23, October.
    8. Agnieszka Huterska, 2017. "Public-Private Partnership in Building Sustainable Development of the Kuyavian-Pomeranian Voivodship," European Journal of Interdisciplinary Studies Articles, Revistia Research and Publishing, vol. 3, September.
    9. Anthony E. Boardman & Mark Moore & Aidan Vining, 2020. "Financing and Funding Approaches for Establishment, Governance and Regulatory Oversight of the Canadian Northern Corridor," SPP Research Papers, The School of Public Policy, University of Calgary, vol. 13(25), October.
    10. Dónal Palcic & Eoin Reeves & Anne Stafford, 2018. "Lifting the Lid: the Private Financing of Motorway PPPs in Ireland," The Economic and Social Review, Economic and Social Studies, vol. 49(2), pages 217-239.
    11. Dejan Makovšek & Marian Moszoro, 2018. "Risk pricing inefficiency in public–private partnerships," Transport Reviews, Taylor & Francis Journals, vol. 38(3), pages 298-321, May.
    12. Aidan Vining & Anthony Boardman, 2014. "Self-interest Springs Eternal: Political Economy Reasons why Public-Private Partnerships Do Not Work as Well as Expected," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 12(03), pages 17-23, October.
    13. Abdullahi Umar & Noor Amila Zawawi & Mohd Faris Khamidi & Arazi Idrus, 2013. "Stakeholder Perceptions on Achieved Benefits of PFI Procurement Strategy," Modern Applied Science, Canadian Center of Science and Education, vol. 7(4), pages 1-31, April.
    14. Tharun Dolla & Boeing Laishram, 2019. "Bundling in public–private partnership projects – a conceptual framework," International Journal of Productivity and Performance Management, Emerald Group Publishing Limited, vol. 69(6), pages 1177-1203, December.
    15. Fabre, Anaïs & Straub, Stéphane, 2019. "The Impact of Public-Private Partnerships (PPPs) in Infrastructure, Health and Education: A Review," TSE Working Papers 19-986, Toulouse School of Economics (TSE), revised Sep 2021.
    16. Fernando Camacho & Carlos Oliveira Cruz, 2022. "Toll road sector in Brazil: Regulation by contract and recent innovations," Competition and Regulation in Network Industries, , vol. 23(2), pages 135-152, June.
    17. Catalão, Francisco Pinheiro & Cruz, Carlos Oliveira & Sarmento, Joaquim Miranda, 2019. "The determinants of cost deviations and overruns in transport projects, an endogenous models approach," Transport Policy, Elsevier, vol. 74(C), pages 224-238.
    18. Chen, Zhenhua & Daito, Nobuhiko & Gifford, Jonathan L., 2017. "Socioeconomic impacts of transportation public-private partnerships: A dynamic CGE assessment," Transport Policy, Elsevier, vol. 58(C), pages 80-87.
    19. Mark A. Moore & Aidan R. Vining, 2023. "PPP performance evaluation: the social welfare goal, principal–agent theory and political economy," Policy Sciences, Springer;Society of Policy Sciences, vol. 56(2), pages 267-299, June.
    20. Ricardo Ferreira Reis & Joaquim Miranda Sarmento, 2019. "“Cutting costs to the bone”: the Portuguese experience in renegotiating public private partnerships highways during the financial crisis," Transportation, Springer, vol. 46(1), pages 285-302, February.
    21. Ram Singh, 2018. "Public–private partnerships vs. traditional contracts for highways," Indian Economic Review, Springer, vol. 53(1), pages 29-63, December.
    22. Willoughby, Christopher, 2013. "How much can public private partnership really do for urban transport in developing countries?," Research in Transportation Economics, Elsevier, vol. 40(1), pages 34-55.
    23. Indrani Roy Chowdhury & Prabal Roy Chowdhury, 2018. "Public–Private Partnerships, Commitment and X-Inefficiency," Arthaniti: Journal of Economic Theory and Practice, , vol. 17(2), pages 157-167, December.

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    More about this item

    Keywords

    Public–private partnerships; Risk transfer; Construction cost; European roads; L33; H54; C51;
    All these keywords.

    JEL classification:

    • L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out
    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation

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