Pub Date : 2019-04-26DOI: 10.4337/9781788973182.00014
D. Nguyen, M. Garvin
Public_private partnerships (PPPs) are multilateral transactions implemented via contract over long time horizons. Uncertainty is at the root of many long-term contractual issues, such as incentive allocation, high transaction costs and opportunism. Thus, managing uncertainty in PPP contracts is essential over a project’s life cycle, and risk sharing methods are one approach for addressing such uncertainty. This chapter examines 15 risk sharing mechanisms in 21 United States highway PPP contracts to determine whether these mechanisms were designed through ex ante specification or for ex post resolution. Risk sharing strategies ranged from “event” mechanisms to deductible schemes; the former forego ex ante costs but anticipate ex post, while the latter do the opposite. Findings showed that risk sharing strategies relying on ex post resolution were predominant, so these contracts may incur significant transaction costs in operations. Yet, such strategies provide implicit flexibility to address uncertainty as it resolves.
{"title":"Contractual risk sharing mechanisms in US highway PPP projects","authors":"D. Nguyen, M. Garvin","doi":"10.4337/9781788973182.00014","DOIUrl":"https://doi.org/10.4337/9781788973182.00014","url":null,"abstract":"Public_private partnerships (PPPs) are multilateral transactions implemented via contract over long time horizons. Uncertainty is at the root of many long-term contractual issues, such as incentive allocation, high transaction costs and opportunism. Thus, managing uncertainty in PPP contracts is essential over a project’s life cycle, and risk sharing methods are one approach for addressing such uncertainty. This chapter examines 15 risk sharing mechanisms in 21 United States highway PPP contracts to determine whether these mechanisms were designed through ex ante specification or for ex post resolution. Risk sharing strategies ranged from “event” mechanisms to deductible schemes; the former forego ex ante costs but anticipate ex post, while the latter do the opposite. Findings showed that risk sharing strategies relying on ex post resolution were predominant, so these contracts may incur significant transaction costs in operations. Yet, such strategies provide implicit flexibility to address uncertainty as it resolves.","PeriodicalId":269517,"journal":{"name":"Public–Private Partnerships for Infrastructure Development","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116096197","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2012-01-24DOI: 10.1080/21573727.2011.637552
Witold J. Henisz
Large, global, cross-sectoral, multi-phased civil infrastructure projects tend to be one-off projects for which transactions have no strong ‘shadow of the future’, but where elements of relational contracting are still ubiquitous. Such projects evolve through discrete phases—financial and technical feasibility, conceptual design, detailed design, construction, operations and renovation/replacement—each phase of which can be viewed as a discrete transaction during which key participants and stakeholders rotate in and out of the project. This discontinuity of participation across phases in the project's lifecycle creates a heretofore neglected contractual hazard of ‘displaced agency’. Similar governance challenges arising from displaced agency are found in long-lived aerospace and defence programmes, large-scale software initiatives and other sectors. We review, integrate, extend and apply economic, legal, sociological and psychological governance perspectives on relational contracts to address the extreme ...
{"title":"Toward a unified theory of project governance: economic, sociological and psychological supports for relational contracting","authors":"Witold J. Henisz","doi":"10.1080/21573727.2011.637552","DOIUrl":"https://doi.org/10.1080/21573727.2011.637552","url":null,"abstract":"Large, global, cross-sectoral, multi-phased civil infrastructure projects tend to be one-off projects for which transactions have no strong ‘shadow of the future’, but where elements of relational contracting are still ubiquitous. Such projects evolve through discrete phases—financial and technical feasibility, conceptual design, detailed design, construction, operations and renovation/replacement—each phase of which can be viewed as a discrete transaction during which key participants and stakeholders rotate in and out of the project. This discontinuity of participation across phases in the project's lifecycle creates a heretofore neglected contractual hazard of ‘displaced agency’. Similar governance challenges arising from displaced agency are found in long-lived aerospace and defence programmes, large-scale software initiatives and other sectors. We review, integrate, extend and apply economic, legal, sociological and psychological governance perspectives on relational contracts to address the extreme ...","PeriodicalId":269517,"journal":{"name":"Public–Private Partnerships for Infrastructure Development","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129605887","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1900-01-01DOI: 10.4337/9781788973182.00011
Wen Feng, D. Lessard, B. Cameron, E. Crawley
A critical element in the shaping of large engineering projects (LEPs) is associated with the multi-type and networked relationships between LEPs and their stakeholders in both market and nonmarket environments. In this paper, we advance a multidisciplinary network approach, namely Stakeholder Value Network (SVN), as a lens to examine, understand, model, and manage the stakeholder relationships in LEPs. The SVN approach brings together knowledge from three domains: engineering systems, organizational sociology, and strategic management. Specifically, we put the focus of this paper on exploring the underlying connections between stakeholders and issues; extending the methodological framework of “Stakeholder-based SVN” to “Issue-based SVN”; as well as testing three propositions about the strategic implications of Issue-based SVN and demonstrating the benefits of the integration of stakeholders and issues, through a retrospective case study of a large real-world engineering project, Project Phoenix.
{"title":"Stakeholders, issues and the shaping of large engineering projects","authors":"Wen Feng, D. Lessard, B. Cameron, E. Crawley","doi":"10.4337/9781788973182.00011","DOIUrl":"https://doi.org/10.4337/9781788973182.00011","url":null,"abstract":"A critical element in the shaping of large engineering projects (LEPs) is associated with the multi-type and networked relationships between LEPs and their stakeholders in both market and nonmarket environments. In this paper, we advance a multidisciplinary network approach, namely Stakeholder Value Network (SVN), as a lens to examine, understand, model, and manage the stakeholder relationships in LEPs. The SVN approach brings together knowledge from three domains: engineering systems, organizational sociology, and strategic management. Specifically, we put the focus of this paper on exploring the underlying connections between stakeholders and issues; extending the methodological framework of “Stakeholder-based SVN” to “Issue-based SVN”; as well as testing three propositions about the strategic implications of Issue-based SVN and demonstrating the benefits of the integration of stakeholders and issues, through a retrospective case study of a large real-world engineering project, Project Phoenix.","PeriodicalId":269517,"journal":{"name":"Public–Private Partnerships for Infrastructure Development","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129662813","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1900-01-01DOI: 10.4337/9781788973182.00022
{"title":"Emerging tools for infrastructure project finance and delivery","authors":"","doi":"10.4337/9781788973182.00022","DOIUrl":"https://doi.org/10.4337/9781788973182.00022","url":null,"abstract":"","PeriodicalId":269517,"journal":{"name":"Public–Private Partnerships for Infrastructure Development","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134574616","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1900-01-01DOI: 10.4337/9781788973182.00012
{"title":"Governance mechanisms in PPP planning, delivery, contracting and management","authors":"","doi":"10.4337/9781788973182.00012","DOIUrl":"https://doi.org/10.4337/9781788973182.00012","url":null,"abstract":"","PeriodicalId":269517,"journal":{"name":"Public–Private Partnerships for Infrastructure Development","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114624895","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：