Abstract
Two kinds of evaluative criteria are associated with Public–Private Partnership (PPP) infrastructure projects, i.e., private evaluative criteria and public evaluative criteria. These evaluative criteria are inversely related, that is, the higher the public benefits; the lower the private surplus. To balance evaluative criteria in the Two-Sided Matching (TSM) decision, this paper develops a quantitative matching decision model to select an optimal matching scheme for PPP infrastructure projects based on the Hesitant Fuzzy Set (HFS) under unknown evaluative criterion weights. In the model, HFS is introduced to describe values of the evaluative criteria and multi-criterion information is fully considered given by groups. The optimal model is built and solved by maximizing the whole deviation of each criterion so that the evaluative criterion weights are determined objectively. Then, the match-degree of the two sides is calculated and a multi-objective optimization model is introduced to select an optimal matching scheme via a min-max approach. The results provide new insights and implications of the influence on evaluative criteria in the TSM decision.
Highlights
With the ever-increasing pace of urbanization in China, limited financial resources of the government have been unable to keep up [1,2,3,4]
In order to overcome the above limitations, this paper introduces Hesitant Fuzzy Set (HFS) into Two-Side Matching (TSM) and considers multi-criterion decision of Private Partnership (PPP) infrastructure projects, in which the information of evaluative criterion weights is completely unknown
The first theoretical implication is the values of private evaluative criteria and public evaluative criteria; whose values have been hardly accurate in previous studies. To evaluate these two kinds of evaluative criteria, this paper introduces HFS to describe the values of the evaluative criteria, where it fully considers multi-criterion information given by group
Summary
With the ever-increasing pace of urbanization in China, limited financial resources of the government have been unable to keep up [1,2,3,4]. To relieve infrastructure funding pressure and raise the funds rate, an increasing number of local governments in China began to encourage the private sector to participate in public investment projects. Public–Private Partnership (PPP) has been explored and becomes a preferred solution for contemporary infrastructure projects in the public sector [5,6]. PPP is a long-term cooperation between the public and private sectors for joint construction of urban infrastructure projects, or offering public goods and service based on the concession agreement [7]. In PPP infrastructure projects, the formation of partnerships is Two-Side Matching (TSM) between the public and private sectors. “Sharing interests and responsibilities and long-term cooperation” are the most critical principles of PPP infrastructure projects [8]. Appropriate selection of cooperative partners in a PPP project is the basis of the project success [6,9]
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