IDEAS home Printed from https://ideas.repec.org/a/eee/epplan/v107y2024ics0149718924000922.html

Evaluation of public private partnerships in highways

Author

Listed:
  • Hakim, Simon
  • Meehan, Brian

Abstract

This paper reviews and evaluates four U.S. P3 toll highways, identifying their performance and common challenges. Contrary to the conventional wisdom that federal and state governments should fund highways, this paper argues that users should bear the cost for both efficiency and equity considerations. The shift from government investment and operation of highways to Public-Private Partnerships (P3) was driven by the lack of public funding, more productive competitive business practices, and the government's desire for upfront payments to fund other unrelated public projects. However, these justifiable public benefits were accompanied by significant problems. Highways were often leased for 35 to 75 years, depending on the total equity and loans of the private partner and various risk factors.

Suggested Citation

  • Hakim, Simon & Meehan, Brian, 2024. "Evaluation of public private partnerships in highways," Evaluation and Program Planning, Elsevier, vol. 107(C).
    • Handle: RePEc:eee:epplan:v:107:y:2024:i:c:s0149718924000922
    DOI: 10.1016/j.evalprogplan.2024.102490
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0149718924000922
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.evalprogplan.2024.102490?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    References listed on IDEAS

    as
    1. Paul L. Joskow & Catherine D. Wolfram, 2012. "Dynamic Pricing of Electricity," American Economic Review, American Economic Association, vol. 102(3), pages 381-385, May.
    2. Campbell, Alrick, 2018. "Cap prices or cap revenues? The dilemma of electric utility networks," Energy Economics, Elsevier, vol. 74(C), pages 802-812.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Carsten Helm & Mathias Mier, 2020. "Steering the Energy Transition in a World of Intermittent Electricity Supply: Optimal Subsidies and Taxes for Renewables Storage," ifo Working Paper Series 330, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    2. Garnache, Cloé & Hernaes, Øystein & Imenes, Anders Gravir, 2022. "Which Households Respond to Electricity Peak Pricing amid High Levels of Electrification?," IZA Discussion Papers 15194, Institute of Labor Economics (IZA).
    3. Pascal Heid & Kevin Remmy & Mathias Reynaert, 2024. "Equilibrium Effects in Complementary Markets: Electric Vehicle Adoption and Electricity Pricing," CRC TR 224 Discussion Paper Series crctr224_2024_615, University of Bonn and University of Mannheim, Germany.
    4. Daniel Adelman & Canan Uçkun, 2019. "Dynamic Electricity Pricing to Smart Homes," Operations Research, INFORMS, vol. 67(6), pages 1520-1542, November.
    5. Woo, C.K. & Liu, Y. & Zarnikau, J. & Shiu, A. & Luo, X. & Kahrl, F., 2018. "Price elasticities of retail energy demands in the United States: New evidence from a panel of monthly data for 2001–2016," Applied Energy, Elsevier, vol. 222(C), pages 460-474.
    6. Staudt, Philipp & Dann, David, 2025. "Perceived complexity and effectiveness of dynamic electricity rate designs for smart markets," Applied Energy, Elsevier, vol. 394(C).
    7. Katrina Jessoe & David Rapson, 2014. "Knowledge Is (Less) Power: Experimental Evidence from Residential Energy Use," American Economic Review, American Economic Association, vol. 104(4), pages 1417-1438, April.
    8. Verhaeghe, C. & Verbeke, S. & Audenaert, A., 2021. "A consistent taxonomic framework: towards common understanding of high energy performance building definitions," Renewable and Sustainable Energy Reviews, Elsevier, vol. 146(C).
    9. Bonaldo, Cinzia & Fontini, Fulvio & Moretto, Michele, 2024. "The energy transition and the value of Capacity Remuneration Mechanisms," Energy Economics, Elsevier, vol. 139(C).
    10. Gerarden, Todd D. & Newell, Richard G. & Stavins, Robert N. & Stowe, Robert C., "undated". "An Assessment of the Energy-Efficiency Gap and Its Implications for Climate Change Policy," Climate Change and Sustainable Development 202116, Fondazione Eni Enrico Mattei (FEEM).
    11. Fontini, Fulvio & Vargiolu, Tiziano & Zormpas, Dimitrios, 2021. "Investing in electricity production under a reliability options scheme," Journal of Economic Dynamics and Control, Elsevier, vol. 126(C).
    12. Goutam Dutta & Krishnendranath Mitra, 2017. "A literature review on dynamic pricing of electricity," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 68(10), pages 1131-1145, October.
    13. Helm, Carsten & Mier, Mathias, 2016. "Efficient diffusion of renewable energies: A roller-coaster ride," VfS Annual Conference 2016 (Augsburg): Demographic Change 145893, Verein für Socialpolitik / German Economic Association.
    14. William A. Jackson, 2024. "The Ethics of Price Variation," Forum for Social Economics, Taylor & Francis Journals, vol. 53(2), pages 201-215, April.
    15. Zhang, Xinhua & Gan, Dongmei & Wang, Yali & Liu, Yu & Ge, Jiali & Xie, Rui, 2020. "The impact of price and revenue floors on carbon emission reduction investment by coal-fired power plants," Technological Forecasting and Social Change, Elsevier, vol. 154(C).
    16. Nathan Engelman Lado & Richard Chen & Saurabh Amin, 2025. "When Do Consumers Lose from Variable Electricity Pricing?," Papers 2509.01499, arXiv.org.
    17. Biggar, Darryl, 2022. "Seven outstanding issues in energy network regulation," Energy Economics, Elsevier, vol. 115(C).
    18. Afşar, Sezin & Brotcorne, Luce & Marcotte, Patrice & Savard, Gilles, 2016. "Achieving an optimal trade-off between revenue and energy peak within a smart grid environment," Renewable Energy, Elsevier, vol. 91(C), pages 293-301.
    19. Fumitoshi Mizutani & Takuro Tanaka & Eri Nakamura, 2015. "The Effect of Demand Response on Electricity Consumption in Japan," Discussion Papers 2015-02, Kobe University, Graduate School of Business Administration.
    20. Peter Cramton & Axel Ockenfels & Steven Stoft, 2013. "Capacity Market Fundamentals," Economics of Energy & Environmental Policy, International Association for Energy Economics, vol. 0(Number 2).

    More about this item

    Keywords

    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:epplan:v:107:y:2024:i:c:s0149718924000922. See general information about how to correct material in RePEc.

    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 CitEc recognized a bibliographic reference but did not link an item in RePEc 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 RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/evalprogplan .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.