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Article

Improving Economic Efficiency of Public-Private Partnerships for Infrastructure Development by Contractual Flexibility Analysis in a Highly Uncertain Context

Feng Dong and Nicola Chiara
The Journal of Structured Finance Spring 2010, 16 (1) 87-99; DOI: https://doi.org/10.3905/jsf.2010.2010.1.002
Feng Dong
is a PhD candidate in the Department of Civil Engineering at Columbia University in New York, NY.
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  • For correspondence: fd2151@columbia.edu
Nicola Chiara
is an assistant professor in the Department of Civil Engineering at Columbia University in New York, NY.
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  • For correspondence: chiara@civil.columbia.edu
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Abstract

Public-private partnerships (PPPs), as long-term contractual relationships between the public and private sector, are usually controlled by a rigid contractual structure. This principle can reduce transaction costs but sacrifice opportunities to make PPPs more economically efficient by allocating and addressing future downside risks appropriately and flexibly during a long-term concession, which is full of unpredictable uncertainties that cause the failure of many infrastructure development projects under PPPs procurement. This article aims to present a novel type of proactive uncertainty management, contractual flexibility analysis (CFA), which can improve the economic efficiency of PPPs by incorporating flexibilities into the current way of contract structuring.

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The Journal of Structured Finance: 16 (1)
The Journal of Structured Finance
Vol. 16, Issue 1
Spring 2010
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Improving Economic Efficiency of Public-Private Partnerships for Infrastructure Development by Contractual Flexibility Analysis in a Highly Uncertain Context
Feng Dong, Nicola Chiara
The Journal of Structured Finance Apr 2010, 16 (1) 87-99; DOI: 10.3905/jsf.2010.2010.1.002

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Improving Economic Efficiency of Public-Private Partnerships for Infrastructure Development by Contractual Flexibility Analysis in a Highly Uncertain Context
Feng Dong, Nicola Chiara
The Journal of Structured Finance Apr 2010, 16 (1) 87-99; DOI: 10.3905/jsf.2010.2010.1.002
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  • Article
    • Abstract
    • The Critical Success Factor of Public-Private Parternships
    • Allocating and Addressing Downside Risks by Contractual Flexibility Analysis
    • An Illustrative Example
    • Conclusion
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