Measuring the value for money of transport infrastructure procurement; an intergenerational approach
Mateu Turró and
John B. Williamson
Transportation Research Part A: Policy and Practice, 2019, vol. 119, issue C, 238-254
Cost-benefit analysis is essential for decision-making in connection with major transport projects and integrated investment programmes. Projects of transport infrastructure have traditionally been publicly promoted and managed, but funded through both public and private sources. While budget allocations are always somehow present, the financing of the project may involve private participation, including user fees and loans of various types. Actually, management models involving private actors have been increasingly used in recent decades. The background supporting this trend is that private ingenuity and expertise in dealing with risk improves overall project efficiency enough to compensate for the additional expenditure generated by these models. In addition, the government promoting the investment may use private finance as a mechanism to place it off-budget.
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