财政和财政约束下公私伙伴关系的最优性

IF 1.2 4区 管理学 Q3 ECONOMICS Journal of Economics & Management Strategy Pub Date : 2023-04-18 DOI:10.1111/jems.12520
Marco Buso, Luciano Greco
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引用次数: 2

摘要

政府可以将两项顺序任务(例如,建设和运营基础设施)委托给相同或不同的代理人(即,合作与顺序合同)。代理人是风险中性的,但面临财务限制,而政府的合同能力可能受到重新谈判的可行性和财政限制的限制。通过依赖于历史的激励,合伙合同比顺序合同更有效地纠正了道德风险。因此,除非捆绑不同的任务会恶化代理人的财务状况,否则它是社会偏好。我们的研究结果为企业的财务和政府财政状况在推动公私合作成本效益分析中的作用提供了新的线索。
本文章由计算机程序翻译,如有差异,请以英文原文为准。

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The optimality of public–private partnerships under financial and fiscal constraints

The government may delegate two sequential tasks (e.g., building and operating an infrastructure) to the same or different agents (i.e., partnership vs. sequential contracts). Agents are risk-neutral but face financial constraints, whereas the government's contractual capacity may be limited by the renegotiation-proofness and fiscal constraints. By relying on history-dependent incentives, the partnership contract corrects moral hazard more effectively than sequential contracts. Thus, it is socially preferred unless bundling different tasks deteriorates the agent's financial conditions. Our results shed new light on the role of firms' financial and government's fiscal conditions in driving the cost–benefit analysis of public–private partnerships.

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来源期刊
CiteScore
3.20
自引率
5.30%
发文量
43
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