Asset Valuation Model for Highway Rigid Pavements Applicable in Public–Private Partnerships Projects

Abstract

Recently, in Chile, infrastructure asset value has been incorporated into highway concession contracts. However, the current valuation model used for rigid pavements is not adapted to the standards and conditions of such projects. This study develops a valuation model for rigid pavements of interurban highway concessions and evaluates it in a case study. The proposed model captures the loss in asset value associated with the performance degradation over time, considering a typical Jointed Plain Concrete Pavement (JCPC) configuration. The value is calculated using performance indicators that represent the structural capacity and level of service provided to road users. The model represents a significant improvement compared to current asset valuation models used in highway concessions. It enables the public agency to objectively evaluate the preservation of asset value carried out by the private partner during the concession. Additionally, it could also be used as a tool to establish payments between infrastructure stakeholders. Some of the concepts applied could also be relevant for other highway assets existing in Public–Private Partnership (PPP) projects.