This file is part of IDEAS, which uses RePEc data


[ Papers | Articles | Software | Books | Chapters | Authors | Institutions | JEL Classification | NEP reports | Search | New papers by email | Author registration | Rankings | Volunteers | FAQ | Blog | Help! ]

A model of public and private partnership through concession contracts

Author info | Abstract | Publisher info | Download info | Related research | Statistics
Author Info
Pasquale L. Scandizzo (University of Rome Tor Vergata)
Marco Ventura (ISAE - Institute for Studies and Economic Analyses)

Additional information is available for the following registered author(s):

Abstract

In this paper, we investigate the economics of concession under dynamic uncertainty using real option theory. We analyze the properties of concession as an instrument to privatize investment and management of public resources. In this context, we explore, in particular, three issues: (1) the conditions under which the contract is acceptable to both a public and a private party, (2) the conditions under which it is efficient, i.e. it is preferable to direct development and operation by the public sector, and (3) two different possible equilibrium solutions. Finally, we apply the theoretical results obtained to the case of a major public highway concessionaire in Italy.

Download Info
To download:

If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. 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.

File URL: http://www.isae.it/Working_Papers/WP_104_2008_Scandizzo_Ventura.pdf
File Format: application/pdf
File Function:
Download Restriction: no

Publisher Info
Paper provided by ISAE - Institute for Studies and Economic Analyses - (Rome, ITALY) in its series ISAE Working Papers with number 104.

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Length: 36 pages
Date of creation: Jul 2008
Date of revision:
Handle: RePEc:isa:wpaper:104

Contact details of provider:
Postal: Piazza dell'Indipendenza, No. 4, 00185 Rome
Fax: +39-06-44482219
Email:
Web page: http://www.isae.it
More information through EDIRC

For technical questions regarding this item, or to correct its listing, contact: (Anita Guelfi).

Related research
Keywords: concession contract; real option; license; Autostrade per l’Italia; private and public partnership;

Other versions of this item:

Find related papers by JEL classification:
D45 - Microeconomics - - Market Structure and Pricing - - - Rationing; Licensing
H44 - Public Economics - - Publicly Provided Goods - - - Publicly Provided Goods: Mixed Markets
H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures

This paper has been announced in the following NEP Reports:

References listed on IDEAS
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.:
  1. Urs Meister, 2004. "Franchise Bidding in the Water Industry – Auction Schemes and Investment Incentives," Public Economics 0412011, EconWPA. [Downloadable!]
    Other versions:
  2. P.L. Scandizzo & M. Ventura, 2003. "Bids For The Umts System: An Empirical Evaluation Of The Italian Case," Departmental Working Papers 185, Tor Vergata University, CEIS. [Downloadable!]
    Other versions:
  3. Octavio A. F. Tourinho., 1979. "The Option Value of Reserves of Natural Resources," Research Program in Finance Working Papers 94, University of California at Berkeley.
  4. van Damme, Eric, 2002. "The European UMTS-auctions," European Economic Review, Elsevier, vol. 46(4-5), pages 846-858, May. [Downloadable!] (restricted)
  5. Marco Malgarini & Patrizia Margani & Bianca Maria Martelli, 2005. "Re-engineering the ISAE manufacturing survey," ISAE Working Papers 47, ISAE - Institute for Studies and Economic Analyses - (Rome, ITALY). [Downloadable!]
  6. Paul Klemperer, 2002. "What Really Matters in Auction Design," Journal of Economic Perspectives, American Economic Association, vol. 16(1), pages 169-189, Winter. [Downloadable!] (restricted)
    Other versions:
Full references

Statistics
Access and download statistics

Did you know? It is the publishers that input data about their publications, as there is no staff at RePEc.

This page was last updated on 2009-11-13.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.