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Highway Franchising: Pitfalls and Opportunities

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Author Info
Eduardo Engel ()
Ronald Fischer ()
Alexander Galetovic ()

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Abstract

We build a conceptual framework to analyze the virtues and limitations of alternative mechanisms that can be used to auction a highway. We argue that current mechanisms, which fix the term of the franchise, create unnecesary risk and facilitate post-contract opportunism by the regulator and the franchise-holder. We propose a new mechanism that allocates the franchise to the firm asking the least present value of toll revenue. We argue that this mechanisms is clearly superior to those currently in use.

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Publisher Info
Paper provided by Centro de Economía Aplicada, Universidad de Chile in its series Documentos de Trabajo with number 15.

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Date of creation: 1997
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Handle: RePEc:edj:ceauch:15

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  1. Thorsten Beckers & Christian von Hirschhausen & Jan Peter Klatt, . "Reformbedarf bei den Bundesfernstraßen und das Potential des PPP-Ansatzes," Working Papers 2006-03, Center for Network Industries and Infrastructure (CNI), revised 19 Jun 2006. [Downloadable!]
  2. Ricardo Paredes & José Miguel Sánchez, 2003. "Government Concession Contracts in Chile: The Role of Competition in the Bidding Process," Documentos de Trabajo 258, Instituto de Economía. Pontificia Universidad Católica de Chile.. [Downloadable!]
    Other versions:
  3. Athias, Laure & Saussier, Stéphane, 2007. "Contractual flexibility or rigidity for public private partnerships? Theory and evidence from infrastructure concession contracts," MPRA Paper 10541, University Library of Munich, Germany. [Downloadable!]
  4. Eduardo Engel & Alexander Galetovic & Ronald Fischer, 2003. "Privatizing Highways in Latin America: is it Possible to Fix What Went Wrong?," Documentos de Trabajo 163, Centro de Economía Aplicada, Universidad de Chile. [Downloadable!]
    Other versions:
  5. de Rus, Gines & Nombela, Gustavo, 2000. "Least Present Value of Net Revenue: a new auction-mechanism for highway concessions," MPRA Paper 12203, University Library of Munich, Germany. [Downloadable!]
  6. de Rus, Gines, 2000. "Infraestructuras: ¿Qué podemos decir los economistas?
    [Infrastructure: what can the economists say?]    ," MPRA Paper 12194, University Library of Munich, Germany. [Downloadable!]
  7. Daniel Albalate & Germa Bel, 2007. "Regulating Concessions of Toll Motorways, An Empirical Study on Fixed vs. Variable Term Contracts," IREA Working Papers 200706, University of Barcelona, Research Institute of Applied Economics, revised Mar 2007. [Downloadable!]
    Other versions:
  8. Erik T. Verhoef, 2005. "Second-best Road Pricing Through Highway Franchising," Tinbergen Institute Discussion Papers 05-082/3, Tinbergen Institute. [Downloadable!]
    Other versions:
  9. Andrés Pereira, 2001. "Teoría de subastas y concesiones de carreteras," Documentos de Trabajo (working papers) 1701, Department of Economics - dECON. [Downloadable!]
  10. Andrés Pereyra, 2006. "Alternativas en el manejo del riesgo de demanda en concesiones de infraestructura vial," Documentos de Trabajo (working papers) 2206, Department of Economics - dECON. [Downloadable!]
  11. Erik T. Verhoef, 2007. "Private Roads," Tinbergen Institute Discussion Papers 07-093/3, Tinbergen Institute, revised 25 Jun 2008. [Downloadable!]
  12. John Hall, 1998. "Private opportunity, public benefit?," Fiscal Studies, Institute for Fiscal Studies, vol. 19(2), pages 121-140, May. [Downloadable!]
  13. Nombela, Gustavo & de Rus, Gines, 2001. "Auctions for Infrastructure Concessions with Demand Uncertainty and Unknown Costs," MPRA Paper 12023, University Library of Munich, Germany. [Downloadable!]
  14. Eduardo Engel & Ronald Fischer & Alexander Galetovic, 1999. "The Chilean Infrastructure Concessions Program: Evaluation, Lessons and Prospects for the Future," Documentos de Trabajo 60, Centro de Economía Aplicada, Universidad de Chile. [Downloadable!]
  15. Eduardo Engel & Ronald Fischer & Alexander Galetovic, 2000. "Franchising of infrastructure concessions in Chile: A Policy Report," Documentos de Trabajo 88, Centro de Economía Aplicada, Universidad de Chile. [Downloadable!]
  16. Athias, Laure & Nunez, Antonio, 2008. "The more the merrier? Number of bidders, information dispersion, renegotiation and winner’s curse in toll road concessions," MPRA Paper 10539, University Library of Munich, Germany. [Downloadable!]
  17. Trujillo, Lourdes & Quinet, Emile & Estache, Antonio, 2000. "Forecasting the demand for privatized transport - What economic regulators should know, and why," Policy Research Working Paper Series 2446, The World Bank. [Downloadable!]
  18. de Rus, Gines & Nombela, Gustavo, 2003. "Concesiones de plazo variable para la construcción y explotación de autopistas
    [Variable-term concessions for road construction and operation]    ," MPRA Paper 12653, University Library of Munich, Germany. [Downloadable!]
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