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    Concession Renegotiation Models for Projects Developed through Public-Private Partnerships

    Source: Journal of Construction Engineering and Management:;2014:;Volume ( 140 ):;issue: 005
    Author:
    Wei Xiong
    ,
    Xueqing Zhang
    DOI: 10.1061/(ASCE)CO.1943-7862.0000843
    Publisher: American Society of Civil Engineers
    Abstract: Contractual agreements between public agencies and private companies in the form of public-private partnerships (PPPs) have proven to be beneficial to both the public and private sectors. However, PPPs expose the concessionaire to a number of potential risks over the long concession period and the concessionaire may not be able to recover the large initial investment and obtain a reasonable rate of return if significant difficulties occur in the concession period. Hosting governments normally allow concession renegotiations when certain serious risk scenarios occur. International PPP practices have shown conflicting results from renegotiations, and many renegotiations have raised serious questions about the viability of the PPP approach. To facilitate renegotiations between the public and private sectors, this research has developed a concession renegotiation framework and compensation models for three common compensation measures, namely, toll adjustment, contract extension, and annual subsidy or unitary payment adjustment. The key issue in developing a quantitative compensation model is to estimate future cash flows, in which future traffic demand and operation and maintenance costs are important stochastic variables. Time-series models have been used to forecast these stochastic variables.
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      Concession Renegotiation Models for Projects Developed through Public-Private Partnerships

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    contributor authorWei Xiong
    contributor authorXueqing Zhang
    date accessioned2017-05-08T22:06:09Z
    date available2017-05-08T22:06:09Z
    date copyrightMay 2014
    date issued2014
    identifier other28112081.pdf
    identifier urihttp://yetl.yabesh.ir/yetl/handle/yetl/71385
    description abstractContractual agreements between public agencies and private companies in the form of public-private partnerships (PPPs) have proven to be beneficial to both the public and private sectors. However, PPPs expose the concessionaire to a number of potential risks over the long concession period and the concessionaire may not be able to recover the large initial investment and obtain a reasonable rate of return if significant difficulties occur in the concession period. Hosting governments normally allow concession renegotiations when certain serious risk scenarios occur. International PPP practices have shown conflicting results from renegotiations, and many renegotiations have raised serious questions about the viability of the PPP approach. To facilitate renegotiations between the public and private sectors, this research has developed a concession renegotiation framework and compensation models for three common compensation measures, namely, toll adjustment, contract extension, and annual subsidy or unitary payment adjustment. The key issue in developing a quantitative compensation model is to estimate future cash flows, in which future traffic demand and operation and maintenance costs are important stochastic variables. Time-series models have been used to forecast these stochastic variables.
    publisherAmerican Society of Civil Engineers
    titleConcession Renegotiation Models for Projects Developed through Public-Private Partnerships
    typeJournal Paper
    journal volume140
    journal issue5
    journal titleJournal of Construction Engineering and Management
    identifier doi10.1061/(ASCE)CO.1943-7862.0000843
    treeJournal of Construction Engineering and Management:;2014:;Volume ( 140 ):;issue: 005
    contenttypeFulltext
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