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To Kill a Real Option: Incomplete contracts, real options and PPP
Swedish National Road and Transport Research Institute, Society, environment and transport, Transport economics Stockholm.
2012 (English)In: Transportation Research Part A: Policy and Practice, ISSN 0965-8564, Vol. 46, no 8, 1359-1371 p.Article in journal (Refereed) Published
Abstract [en]

This paper is concerned with the implications of public-private partnership agreements for the execution of expansion options in road infrastructure. More specifically, it analyzes the expansion of an existing two-lane road in Sweden, and examines the real options created by an intermediate type of road with three lanes. Interpreting the results from real option analysis in the light of incomplete contract theory, this paper finds that external congestion costs might necessitate public ownership to ensure a social optimal outcome in public-private partnerships.

Place, publisher, year, edition, pages
2012. Vol. 46, no 8, 1359-1371 p.
Keyword [en]
Public private partnership, Road pricing, Investment
National Category
Economics
Research subject
Road: General works, surveys, comprehensive works, Road: Economics
Identifiers
URN: urn:nbn:se:vti:diva-6624DOI: 10.1016/j.tra.2012.04.009ISI: 000308050100017OAI: oai:DiVA.org:vti-6624DiVA: diva2:687359
Available from: 2014-01-14 Created: 2014-01-14 Last updated: 2014-08-26Bibliographically approved

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Krüger, Niclas A

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