Dehornoy, Julien (2012): PPPs in the rail sector - A review of 27 projects.
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PPPs in the rail sector have become increasingly common in the last two decades. They have been praised and criticized for a variety of reasons. This paper provides a comprehensive study of all rail PPPs to date, in order to observe long term trends and to quantify to potential of failure or success of such PPPs. Our key finding is that optimization of risk management explains two major trends : (i) projects are moving from integrated, stand-alone systems toward sub-systems with complex interfaces with other networks or sub-systems, (ii) moral hazard, incomplete contracts and strategic bahaviors create an incentive for concessionaires to make over-optimistic ridership forecasts and explain why most traffic-based concessions failed.
|Item Type:||MPRA Paper|
|Original Title:||PPPs in the rail sector - A review of 27 projects|
|Keywords:||railways ; public-private partnerships ; ridership forecasts|
|Subjects:||H - Public Economics > H5 - National Government Expenditures and Related Policies > H54 - Infrastructures ; Other Public Investment and Capital Stock
L - Industrial Organization > L9 - Industry Studies: Transportation and Utilities > L92 - Railroads and Other Surface Transportation
|Depositing User:||Julien Dehornoy|
|Date Deposited:||28. Apr 2012 03:29|
|Last Modified:||13. Feb 2013 17:12|
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