Public-Private Contracting under Limited Commitment

《Public-Private Contracting under Limited Commitment》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、PUBLIC-PRIVATECONTRACTINGUNDERLIMITEDCOMMITMENTDANIELDANAUUniversitedeCaenBasse-Normandie´ANNALISAVINELLAUniversitadegliStudidiBariAldoMoro`AbstractAgovernmentdelegatesabuild-operate-transferprojecttoaprivatefirminalimited-commitmentframework.Whenthecontractissigned,partiesare

2、uncertainabouttheoper-atingcost.Thefirmcanincreasethelikelihoodoffacingalowcostbyexertingsomenoncontractibleeffortwhilebuildingthefacility.Oncethefacilityisinplace,thefirmlearnsthemarginalcostandbeginstooperate.Wecharac-terizethecontractwhichstipulatestheefficientallocation.West

3、udythefinancialstructureanddurationthatsecureitsenforcement.Tothisend,wetakeintoaccountthatbreak-upofthepartnershipoccasionsareplacementcostforthegovernmentandanexpropriationcostforthefirmanditslender.Furthermore,boththesecostsarehighertheear-lierthecontractisterminated.Enforce

4、mentisachievedasfollows.Thefirmisinstructedtoinvestsomeintermediateamountofownandborrowedfunds.Undertheaegisofathirdpartythatcancommit,thegovernmentprovidesguar-anteestothelender,conditionaloncontinuationoftheDanielDanau,UniversitedeCaenBasse–Normandie–CentredeRechercheenEcono

5、mie´etManagement,19rueClaudeBloch,14000Caen,France(daniel.danau@unicaen.fr).AnnalisaVinella,UniversitadegliStudidiBari“AldoMoro”–DipartimentodiScienze`economicheemetodimatematici,LargoAbbaziaS.Scolastica53,70124Bari,Italy(annalisa.vinella@uniba.it).WeareindebtedtoElisabettaIo

6、ssa,DavidMartimort,FlavioMenezes,anAssociateEd-itor,andtwoanonymousreviewersforveryusefulcommentsandsuggestions.Wethanktheaudiencesatthe2012APETWorkshoponPublic-PrivatePartnerships(Brisbane),the27thEEACongress(Malaga),andthe39thEARIEConference(Rome).ReceivedSeptember14,2013;A

7、cceptedNovember10,2013.C2014WileyPeriodicals,Inc.JournalofPublicEconomicTheory,17(1),2015,pp.78–110.78Public-PrivateContracting79partnership.Durationmaybeshortened,thoughnottothepointwheretheinitialeffortofthefirmisuncompensated.1.IntroductionPublic-privatepartnershipsininfra

8、structureprojectsaretypicallycharacter-izedbytwofeatures.First,priva