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Gains d'information du décideur public et valeur d'option des grands projets d'infrastructure

Listed author(s):
  • Laurent Denant-Boèmont
  • Sabrina Hammiche

[eng] Information Gains of the Policy Maker Option Value of Major Public Infrastructure Projects by Laurent Denant-Boèmont and Sabrina Hammiche This paper analyses the risk of dynamic irreversibility for major public infrastructure projects using the theory of quasi-option value (Henry, 1974; Arrow, Fisher, 1974) in cost-benefit analysis. The case study compares two competing public infrastructure projects: an irreversible motorway project and a flexible rail project. The latter allows the motorway investment decision to be deferred. Quasi-option value is then applied for a risk environment in which information increases over time, changing the balance between the two projects. The monetised value of the environmental externalities, upon which today's transport policy tends to focus, might then be viewed as secondary to projects' irreversibility costs. [fre] Cet article évalue le risque d'irréversibilité dynamique de grands projets d'infrastructure publique en recourant à la notion de Valeur d'Option Séquentielle (Arrow, Fisher, 1974 ; Henry, 1974) au sein d'Analyses Coûts-Avantages. L'application proposée concerne deux projets d'infrastructure concurrents, un projet autoroutier irréversible et un projet ferroviaire flexible. En effet, ce dernier permet de différer la décision d' investir dans l' autoroute. La Valeur d' Option Séquentielle est alors mise en évidence dans un contexte d'environnement risqué dans lequel le niveau d'information croît au cours du temps. L'arbitrage entre ces deux projets change alors. La valeur monétarisée des externalités environnementales, sur lequel la politique des transports met aujourd'hui l'accent, peut dès lors paraître secondaire au regard des coûts de l'irréversibilité des projets.

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Article provided by Programme National Persée in its journal Économie & prévision.

Volume (Year): 143 (2000)
Issue (Month): 2 ()
Pages: 139-153

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Handle: RePEc:prs:ecoprv:ecop_0249-4744_2000_num_143_2_6097
Note: DOI:10.3406/ecop.2000.6097
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  1. Hans Gersbach, 1997. "Risk And The Value Of Information In Irreversible Decisions," Theory and Decision, Springer, vol. 42(1), pages 37-51, January.
  2. Robert A. Jones & Joseph M. Ostroy, 1984. "Flexibility and Uncertainty," Review of Economic Studies, Oxford University Press, vol. 51(1), pages 13-32.
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