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To kill a real option: incomplete contracts, real options and PPP
Örebro University, Örebro University School of Business. Swedish National Road and Transport Research Institute (VTI), Stockholm, Sweden; Centre of Transport Studies, Stockholm, Sweden. (Nationalekonomi)
2012 (English)In: Transportation Research Part A: Policy and Practice, ISSN 0965-8564, E-ISSN 1879-2375, Vol. 46, no 8, p. 1359-1371Article in journal (Refereed) Published
Abstract [en]

This paper is concerned with the implications of public–private partnership agreements for the execution of expansion options in road infrastructure. More specifically, it analyzes the expansion of an existing two-lane road in Sweden, and examines the real options created by an intermediate type of road with three lanes. Interpreting the results from real option analysis in the light of incomplete contract theory, this paper finds that external congestion costs might necessitate public ownership to ensure a social optimal outcome in public–private partnerships.

Place, publisher, year, edition, pages
Elsevier, 2012. Vol. 46, no 8, p. 1359-1371
Keywords [en]
Real option analysis; Incomplete contract theory; Investment under uncertainty; PPP; Transportation
National Category
Economics
Research subject
Economics
Identifiers
URN: urn:nbn:se:oru:diva-25789DOI: 10.1016/j.tra.2012.04.009ISI: 000308050100017Scopus ID: 2-s2.0-84863838853OAI: oai:DiVA.org:oru-25789DiVA, id: diva2:551582
Available from: 2012-09-11 Created: 2012-09-11 Last updated: 2018-08-30Bibliographically approved

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Krüger, Niclas

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