The basic public finance of public-private partnerships
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Author
Contributions
- Fischer, Ronald D. - Contributor
- Galetovic P., Alexander. - Contributor
- National Bureau of Economic Research. - Contributor
Publication
2007 - National Bureau of Economic Research, Cambridge, Mass, Massachusetts
Language
English
Word Count
13,500 words, Guess
Page Count
54 pages
Identifiers
- OCLC Control Number163572763
- Open LibraryOL17634804M
Description
Public-private partnerships (PPPs) cannot be justified because they free public funds. When PPPs are desirable because the private sector is more efficient, the contract that optimally trades demand risk, user-fee distortions and the opportunity cost of public funds is characterized by a minimum revenue guarantee and a cap on the firm's revenues. Yet income guarantees and revenue sharing arrangements observed in practice differ fundamentally from those suggested by the optimal contract. The optimal contract can be implemented via a competitive auction with realistic informational requirements; and risk allocation under the optimal contract suggests that PPPs are closer to public provision than to privatization.
Subjects
Series Statement
- NBER working paper series -- no. 13284.
- Working paper series (National Bureau of Economic Research) -- working paper no. 13284.
Links
Other Editions
- The basic public finance of public-private partnerships
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