Abstract
Roadway privatization offers many benefits, from decreasing transportation's dependence on public coffers to using market forces to decrease the number of white elephant roadway projects. But, in the United States, only two private road projects have been undertaken during the last century, in part because potential investors and the government worry about the financial risks of such projects. We believe those risks can be overcome through government awarding of Present-Value-of-Revenue franchises to private roadway companies, which would protect those companies' investment but would also protect taxpayers.
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