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Evaluating highway public-private partnerships: Evidence from U.S. value for money studies
- Source :
- Transport Policy. 62:12-20
- Publication Year :
- 2018
- Publisher :
- Elsevier BV, 2018.
-
Abstract
- This paper examines the state of practice used in the value for money (VfM) analysis of highway projects in the United States. Based on direct contact with public transportation agencies and the search of project websites, seven VfM studies were selected for a comparative analysis. The paper finds that the choice of public sector comparator (PSC) model varied from one study to another, which is driven by agency experience. The risks transferred from employing the public-private partnership (P3) model are closely related to the choice of repayment schemes. Discount rates used in practice are similar across studies despite wide-ranging debates over appropriate rates in the literature. VfM studies show the advantages of agency municipal bonds are reduced when favorable borrowing rates are available to private partners. The paper lastly examines reasons why agencies chose not to deliver projects as P3s based on VfM studies.
- Subjects :
- Finance
Program evaluation
050210 logistics & transportation
Public economics
business.industry
Integrated project delivery
Bond
05 social sciences
Geography, Planning and Development
0211 other engineering and technologies
021107 urban & regional planning
Transportation
02 engineering and technology
Value for money
Public transport
General partnership
0502 economics and business
Agency (sociology)
Economics
Public sector comparator
business
Subjects
Details
- ISSN :
- 0967070X
- Volume :
- 62
- Database :
- OpenAIRE
- Journal :
- Transport Policy
- Accession number :
- edsair.doi...........18cffffe0e9d0b15e660441e0534d04a