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Building and Managing Facilities for Public Services

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  • JOhn Bennett
  • Elisabetta Iossa

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Abstract

We model alternative institutional arrangements for building and managing facilities for provision of public services, including the use of the Private Finance Initiative (PFI), by exploring the effects on innovative investment activity by providers. The desirability of bundling the building and management operations is analyzed, and it is considered whether it is optimal to allocate ownership to the public or the private sector. We also examine how the case for PFI is affected by the (voluntary or automatic) transfer of ownership from the private to the public sector when the contract expires. Asset specificity and service-demand risk play critical roles.

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File URL: http://www.bris.ac.uk/Depts/CMPO/workingpapers/wp137.pdf
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Bibliographic Info

Paper provided by Department of Economics, University of Bristol, UK in its series The Centre for Market and Public Organisation with number 05/137.

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Length: 31 pages
Date of creation: Dec 2005
Date of revision:
Handle: RePEc:bri:cmpowp:05/137

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Web page: http://www.bris.ac.uk/cmpo/
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Related research

Keywords: private finance initiative (PFI); public-private partnerships; integration versus separation; residual value; incomplete contracts.;

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References

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  1. Oliver Hart, 2003. "Incomplete Contracts and Public Ownership: Remarks, and an Application to Public-Private Partnerships," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 113(486), pages C69-C76, March.
  2. Edlin, Aaron S & Hermalin, Benjamin E, 2000. "Contract Renegotiation and Options in Agency Problems," Journal of Law, Economics and Organization, Oxford University Press, Oxford University Press, vol. 16(2), pages 395-423, October.
  3. Nöldeke, Georg & Schmidt, Klaus M., 1998. "Sequential investments and options to own," Munich Reprints in Economics, University of Munich, Department of Economics 19327, University of Munich, Department of Economics.
  4. King, S. & Pitchford, R., 1998. "Private or Public? A Taxonomy of Optimal Ownership and Management Regimes," Department of Economics - Working Papers Series, The University of Melbourne 625, The University of Melbourne.
  5. Oliver Hart & Andrei Shleifer & Robert Vishny, 1996. "The Proper Scope of Government: Theory and an Application to Prisons," Harvard Institute of Economic Research Working Papers 1778, Harvard - Institute of Economic Research.
  6. Besley, Timothy J. & Ghatak, Maitreesh, 2001. "Government versus Private Ownership of Public Goods," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2725, C.E.P.R. Discussion Papers.
  7. Raghuram G. Rajan & Luigi Zingales, . "Power in a Theory of the Firm," CRSP working papers 335, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
  8. Bos, Dieter & De Fraja, Gianni, 2002. "Quality and outside capacity in the provision of health services," Journal of Public Economics, Elsevier, Elsevier, vol. 84(2), pages 199-218, May.
  9. Grout, Paul A, 1997. "The Economics of the Private Finance Initiative," Oxford Review of Economic Policy, Oxford University Press, Oxford University Press, vol. 13(4), pages 53-66, Winter.
  10. Schmitz, Patrick W., 2000. "Partial Privatization and Incomplete Contracts: The Proper Scope of Government Reconsidered," MPRA Paper 13447, University Library of Munich, Germany.
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