PPPs in the rail sector - A review of 27 projects

Julien Dehornoy

MPRA Paper from University Library of Munich, Germany

Abstract: PPPs in the rail sector have become increasingly common in the last two decades. They have been praised and criticized for a variety of reasons. This paper provides a comprehensive study of all rail PPPs to date, in order to observe long term trends and to quantify to potential of failure or success of such PPPs. Our key finding is that optimization of risk management explains two major trends : (i) projects are moving from integrated, stand-alone systems toward sub-systems with complex interfaces with other networks or sub-systems, (ii) moral hazard, incomplete contracts and strategic bahaviors create an incentive for concessionaires to make over-optimistic ridership forecasts and explain why most traffic-based concessions failed.

Keywords: railways; public-private partnerships; ridership forecasts (search for similar items in EconPapers)
JEL-codes: H54 L92 (search for similar items in EconPapers)
Date: 2012-04
New Economics Papers: this item is included in nep-ppm
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:38415

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