Abstract
Given the current momentum for public–private partnerships (PPPs), it is critical to review the experiences of PPP highway projects to see whether they succeed in serving public benefits. This article applies a goal-centered approach to evaluate the effectiveness of nine PPP highway projects in the Commonwealth of Virginia, U.S.A., that were implemented and opened to traffic between 1990 and 2016. Virginia has used highway PPPs more for financing or risk reduction than for efficiency gains. The authors examine four elements of contract agreements—PPP type, private partner selection, financial arrangements, and risk allocation—in these Virginian projects, and find that these arrangements have been effective in accessing innovative finance and preventing cost overrun, while the evidence is limited regarding shifting revenue risk or achieving efficiency gains.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callMore From: Transportation Research Record: Journal of the Transportation Research Board
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
