Recently, there has been a massive growth, in many countries, in public-private partnerships for the provision of public service infrastructure, such as, roads and health care facilities. Research funded by the Economic and Social Research Council confirms the potential benefits of partnerships, but also identifies circumstances under which more traditional forms of procurement are preferable.
The project, conducted by Professor John Bennett and Professor Elisabetta Iossa, Brunel Business School, Brunel University, examined the case for using public-private partnerships (PPPs), and especially the Private Finance Initiative - in which a consortium owns the assets for a period of time.
“We wanted to evaluate the current case for using PPPs, so we compared them to other forms of procurement, looked at alternative PPP models and specified the best circumstances for using the Private Finance Initiative,” said Professor John Bennett. “PPP contracts involve an element of ‘crystal ball gazing’ as they can last for decades and unforeseeable developments will inevitably occur. We used an ‘incomplete contract’ methodology in our work to account for this longevity and uncertainty.”
Becky Gammon | alfa
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