Public-private partnerships in an economists eye: a gleam or a beam?

Dmitri Vinogradov and Elena Shadrina

Chapter 4 in A Research Agenda for Public–Private Partnerships and the Governance of Infrastructure, 2022, pp 83-101 from Edward Elgar Publishing

Abstract: The chapter outlines an economics perspective on public-private partnerships (PPP) and discusses the missing blocks needed for a comprehensive economic theory of PPP. It highlights the gap between the coverage of the PPP in economics and that in public administration literature and draws parallels between the two subject areas in terms of the topics of interest around the PPP. In economics, incomplete contracts justify PPPs as institutions distinct from other forms of public good provision, yet most research narrowly focuses on long-term infrastructure projects, often a concession. Public administration offers a broader view on PPP projects, yet lacks definitional consensus, which appears to impede the adoption of this broader view by economics. A comprehensive economic theory of PPPs as institutions, elaborating the aspects of the relationship between the public and the private partner that overcome the deficiencies of incomplete contracts, is highly desirable and is on approach.

Keywords: Economics and Finance; Law - Academic; Politics and Public Policy (search for similar items in EconPapers)
Date: 2022
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