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Abdel Aziz, A M (2021) The Practice of Roadway Safety Management in Public–Private Partnerships. Journal of Construction Engineering and Management, 147(12).
Amoah, A, Berbegal-Mirabent, J and Marimon, F (2021) Making the Management of a Project Successful: Case of Construction Projects in Developing Countries. Journal of Construction Engineering and Management, 147(12).
Erfani, A, Cui, Q and Cavanaugh, I (2021) An Empirical Analysis of Risk Similarity among Major Transportation Projects Using Natural Language Processing. Journal of Construction Engineering and Management, 147(12).
Kong, F, Guo, J and Lv, X (2021) Project Resource Input Optimization Problem with Combined Time Constraints Based on Node Network Diagram and Constraint Programming. Journal of Construction Engineering and Management, 147(12).
Löwstedt, M, Fasth, J and Styhre, A (2021) Leadership under Construction: A Qualitative Exploration of Leadership Processes in Construction Companies in Sweden. Journal of Construction Engineering and Management, 147(12).
Li, Y, Pan, X, Han, Y and Taylor, J E (2021) Sustainable Healthcare Facilities: A Scoping Review. Journal of Construction Engineering and Management, 147(12).
Liu, Y, Wang, X and Wang, D (2021) How Leaders and Coworkers Affect Construction Workers’ Safety Behavior: An Integrative Perspective. Journal of Construction Engineering and Management, 147(12).
Munaro, M R, Freitas, M d C D, Tavares, S F and Bragança, L (2021) Circular Business Models: Current State and Framework to Achieve Sustainable Buildings. Journal of Construction Engineering and Management, 147(12).
Namian, M, Taherpour, F, Ghiasvand, E and Turkan, Y (2021) Insidious Safety Threat of Fatigue: Investigating Construction Workers’ Risk of Accident Due to Fatigue. Journal of Construction Engineering and Management, 147(12).
Pellegrino, R (2021) Effects of Public Supports for Mitigating Revenue Risk in Public–Private Partnership Projects: Model to Choose Among Support Alternatives. Journal of Construction Engineering and Management, 147(12).
- Type: Journal Article
- Keywords: Public–private partnership (PPP); Risk management; Revenue risk; Public supports; Win–win condition;
- ISBN/ISSN: 0733-9364
- URL: https://doi.org/10.1061/(ASCE)CO.1943-7862.0002098
- Abstract:
Public supports for mitigating revenue risk in public–private partnership (PPP) projects are used for attracting private financing for public infrastructure. The difficult assessment of impacts that these supports may have on PPP projects may lead to choosing a nonoptimal form of guarantee. The intrinsic PPP project characteristic of partnerships among different actors lasting a long period imposes the simultaneous achievement of competing objectives and a greater transparency in risk allocation. This paper proposes a structured model for assessing and benchmarking the impact of different public supports released to mitigate revenue risk in PPP projects, from the standpoints of the private and public actors, for choosing the public support that better ensures the achievement of a win–win condition. First, we quantify the net benefit gained by each party under three support instruments, namely the minimum revenue guarantee (MRG), least present value of revenue (LPVR), and price cap (PC), by identifying the condition of satisfaction of the involved actors and analyzing the probability that such condition is not achieved for each party. Then, by applying the Monte Carlo simulation, we benchmark and choose the public support that ensures compliance with the win–win condition. We use two case studies to apply the model and a plan of experiments for investigating how the choice of the optimal form of public subsidy for revenue risk mitigation may change based on contextual factors and project characteristics. The results reveal that public supports are not beneficial to all parties, since they generate, under different conditions, unequal net economic benefits for the two parties and/or unfair risk allocation. The results of the sensitivity analysis show that the win–win condition achievement, in terms of actors’ performance and risk allocation, depends on the characteristics of the project and of public supports. The findings of the study emphasize the importance of the accurate selection of the form of public support before its releasement in order to ensure a successful PPP.
Piao, Y, Xu, W, Wang, T and Chen, J (2021) Dynamic Fall Risk Assessment Framework for Construction Workers Based on Dynamic Bayesian Network and Computer Vision. Journal of Construction Engineering and Management, 147(12).
Qiao, S, Wang, Q, Guo, Z and Guo, J (2021) Collaborative Innovation Activities and BIM Application on Innovation Capability in Construction Supply Chain: Mediating Role of Explicit and Tacit Knowledge Sharing. Journal of Construction Engineering and Management, 147(12).
Sonkor, M S and García de Soto, B (2021) Operational Technology on Construction Sites: A Review from the Cybersecurity Perspective. Journal of Construction Engineering and Management, 147(12).
Turksezer, Z I, Iacovino, C, Giordano, P F and Limongelli, M P (2021) Development and Implementation of Indicators to Assess Bridge Inspection Practices. Journal of Construction Engineering and Management, 147(12).
Yan, Z, Liang, J, Bai, Y, Cao, L and Zhao, G (2021) Response of Asphalt Pavement Structure Layer and Particle Movement Velocity Based on Particle Flow Theory. Journal of Construction Engineering and Management, 147(12).
Zhang, W, Xue, N, Zhang, J and Zhang, X (2021) Identification of Critical Causal Factors and Paths of Tower-Crane Accidents in China through System Thinking and Complex Networks. Journal of Construction Engineering and Management, 147(12).
Zhang, X, Otto, F and Oeser, M (2021) Modeling Pavement Surface Deflections under Accelerated Pavement Testing Using the PCA Method. Journal of Construction Engineering and Management, 147(12).