Highway to Sell

Philippe Bontems (), Marie-Françoise Calmette and David Martimort
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Philippe Bontems: TSE-R - Toulouse School of Economics - UT Capitole - Université Toulouse Capitole - UT - Université de Toulouse - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement
Marie-Françoise Calmette: TSE-R - Toulouse School of Economics - UT Capitole - Université Toulouse Capitole - UT - Université de Toulouse - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement
David Martimort: TSE-R - Toulouse School of Economics - UT Capitole - Université Toulouse Capitole - UT - Université de Toulouse - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement

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Abstract: Motivated by the forthcoming terminations of most highways concessions in France, we propose a versatile model of dynamic regulation and contract renewals that describes a long-term relationship between the public authority and an incumbent operator with private information about its costs that may face potential entrants. We discuss various issues including the nature of discriminatory biases towards entrants, their consequences on investments, the public or private nature of the management of concessions, the role of the operator's financial constraints, the consequences of allotments. So doing, we isolate a few principles that should guide policy-makers when deciding upon concession renewals.

Keywords: Procurement; Concession contracts; Contract renewal; Highways; Transportation; Auctions; Asymmetric information (search for similar items in EconPapers)
Date: 2025-07-04
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