Multidimensionality and Renegotiation: Evidence from Transport-Sector Public-Private-Partnership Transactions in Latin America

Multidimensional auctions are a natural, practical solution when governments pursue more than one objective in their public-private-partnership transactions. However, multi-criteria auctions seem difficult to implement and vulnerable to corruption and opportunistic behavior of both parties involved....

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Main Authors:	Estache, Antonio, Guasch, Jose-Luis, Iimi, Atsushi, Trujillo, Lourdes
Format:	Journal Article
Language:	EN
Published:	2012
Subjects:	Publicly Provided Goods: Mixed Markets H440 National Government Expenditures and Related Policies: Infrastructures Other Public Investment and Capital Stock H540 Railroads and Other Surface Transportation L920 Formal and Informal Sectors Shadow Economy Institutional Arrangements O170 Economic Development: Regional, Urban, and Rural Analyses Transportation O180 Transportation Systems: Government and Private Investment Analysis Road Maintenance, Transportation Planning R420
Online Access:	http://hdl.handle.net/10986/5698

id	okr-10986-5698
recordtype	oai_dc
spelling	okr-10986-56982021-04-23T14:02:23Z Multidimensionality and Renegotiation: Evidence from Transport-Sector Public-Private-Partnership Transactions in Latin America Estache, Antonio Guasch, Jose-Luis Iimi, Atsushi Trujillo, Lourdes Publicly Provided Goods: Mixed Markets H440 National Government Expenditures and Related Policies: Infrastructures Other Public Investment and Capital Stock H540 Railroads and Other Surface Transportation L920 Formal and Informal Sectors Shadow Economy Institutional Arrangements O170 Economic Development: Regional, Urban, and Rural Analyses Transportation O180 Transportation Systems: Government and Private Investment Analysis Road Maintenance, Transportation Planning R420 Multidimensional auctions are a natural, practical solution when governments pursue more than one objective in their public-private-partnership transactions. However, multi-criteria auctions seem difficult to implement and vulnerable to corruption and opportunistic behavior of both parties involved. Using data from road and railway concessions in Latin America, the paper examines the probability of renegotiation in connection with the selected award criteria. It shows that auctioneers tend to adopt the multidimensional format when the need for social considerations, such as alleviation of unemployment, is high. But more renegotiations would likely happen when the multidimensional format is used. Good governance, particularly regulatory quality and anti-corruption policies, can mitigate the renegotiation problem. 2012-03-30T07:34:06Z 2012-03-30T07:34:06Z 2009 Journal Article Review of Industrial Organization 0889938X http://hdl.handle.net/10986/5698 EN http://creativecommons.org/licenses/by-nc-nd/3.0/igo World Bank Journal Article Latin America & Caribbean
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	EN
topic	Publicly Provided Goods: Mixed Markets H440 National Government Expenditures and Related Policies: Infrastructures Other Public Investment and Capital Stock H540 Railroads and Other Surface Transportation L920 Formal and Informal Sectors Shadow Economy Institutional Arrangements O170 Economic Development: Regional, Urban, and Rural Analyses Transportation O180 Transportation Systems: Government and Private Investment Analysis Road Maintenance, Transportation Planning R420
spellingShingle	Publicly Provided Goods: Mixed Markets H440 National Government Expenditures and Related Policies: Infrastructures Other Public Investment and Capital Stock H540 Railroads and Other Surface Transportation L920 Formal and Informal Sectors Shadow Economy Institutional Arrangements O170 Economic Development: Regional, Urban, and Rural Analyses Transportation O180 Transportation Systems: Government and Private Investment Analysis Road Maintenance, Transportation Planning R420 Estache, Antonio Guasch, Jose-Luis Iimi, Atsushi Trujillo, Lourdes Multidimensionality and Renegotiation: Evidence from Transport-Sector Public-Private-Partnership Transactions in Latin America
geographic_facet	Latin America & Caribbean
relation	http://creativecommons.org/licenses/by-nc-nd/3.0/igo
description	Multidimensional auctions are a natural, practical solution when governments pursue more than one objective in their public-private-partnership transactions. However, multi-criteria auctions seem difficult to implement and vulnerable to corruption and opportunistic behavior of both parties involved. Using data from road and railway concessions in Latin America, the paper examines the probability of renegotiation in connection with the selected award criteria. It shows that auctioneers tend to adopt the multidimensional format when the need for social considerations, such as alleviation of unemployment, is high. But more renegotiations would likely happen when the multidimensional format is used. Good governance, particularly regulatory quality and anti-corruption policies, can mitigate the renegotiation problem.
format	Journal Article
author	Estache, Antonio Guasch, Jose-Luis Iimi, Atsushi Trujillo, Lourdes
author_facet	Estache, Antonio Guasch, Jose-Luis Iimi, Atsushi Trujillo, Lourdes
author_sort	Estache, Antonio
title	Multidimensionality and Renegotiation: Evidence from Transport-Sector Public-Private-Partnership Transactions in Latin America
title_short	Multidimensionality and Renegotiation: Evidence from Transport-Sector Public-Private-Partnership Transactions in Latin America
title_full	Multidimensionality and Renegotiation: Evidence from Transport-Sector Public-Private-Partnership Transactions in Latin America
title_fullStr	Multidimensionality and Renegotiation: Evidence from Transport-Sector Public-Private-Partnership Transactions in Latin America
title_full_unstemmed	Multidimensionality and Renegotiation: Evidence from Transport-Sector Public-Private-Partnership Transactions in Latin America
title_sort	multidimensionality and renegotiation: evidence from transport-sector public-private-partnership transactions in latin america
publishDate	2012
url	http://hdl.handle.net/10986/5698
_version_	1764395995801583616

Multidimensionality and Renegotiation: Evidence from Transport-Sector Public-Private-Partnership Transactions in Latin America

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