Are Public Private Partnerships that Rigid ? And Why ? : Evidence from Toll Road Concession Contracts

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serval:BIB_AE6E1306FFE2
Type
Report: a report published by a school or other institution, usually numbered within a series.
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Working paper: Working papers contain results presented by the author. Working papers aim to stimulate discussions between scientists with interested parties, they can also be the basis to publish articles in specialized journals
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Title
Are Public Private Partnerships that Rigid ? And Why ? : Evidence from Toll Road Concession Contracts
Author(s)
Athias L., Saussier S.
Institution details
Chaire EPPP, IAE Panthéon-Sorbonne
Issued date
09/2015
Number
2015-6
Genre
Discussion Paper
Language
english
Number of pages
35
Abstract
Transport concession contracts are commonly said to be standardized and too rigid. They would not allow public authorities to adapt them to evolving context and circumstances. This paper aims at challenging this view and, more particularly, the view that contractual rigidity for transport concessions is exogenous. Using a transaction cost framework, we disentangle between three main determinants of contractual rigidity: traffic uncertainty; connivance between contracting parties; quality of the institutional environment. Using an original database of toll road concession contracts, we observe a great variety of provisions for toll adjustment. We find that these exogenous determinants significantly influence contractual choices.
Keywords
Transport concession contracts, toll adjustments, public private partnerships, price provisions, incomplete contract, contractual design
Create date
01/03/2016 12:29
Last modification date
20/08/2019 15:18
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