Building and managing facilities for public services

• 成果类型: Article
• 署名作者: Bennett, John; Iossa, Elisabetta
• 署名单位: Brunel University; Brunel University; University of Bristol
• 刊物名称: JOURNAL OF PUBLIC ECONOMICS
• ISSN/ISSBN: 0047-2727
• DOI: 10.1016/j.jpubeco.2006.04.001
• 发表日期: 2006
• 页码: 2143-2160
• 关键词: private finance initiative (PFI); Public-Private Partnerships; integration versus separation; residual value; incomplete contracts

摘要

We model alternative institutional arrangements for building and managing facilities for provision of public services, including the use of the Private Finance Initiative (PFI), by exploring the effects on innovative investment activity by providers. The desirability of bundling the building and management operations is analyzed, and it is considered whether it is optimal to allocate ownership to the public or the private sector. We also examine how the case for PFI is affected by the (voluntary or automatic) transfer of ownership from the private to the public sector when the contract expires. Asset specificity and service-demand risk play critical roles. (c) 2006 Elsevier B.V. All rights reserved.