Multidimensionality And Renegotiation: Evidence From Transport-Sector Public-Private-Partnership Transactions In Latin America
Multidimensional auctions are a natural and practical solution when auctioneers pursue more than one objective in their public-private-partnership transactions. However, it is difficult to achieve auction efficiency with multiple award criteria. Using auction data from road and railway concessions i...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
The World Bank
2008
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| Schlagworte: | |
| Online-Zugang: | BSB01 EUV01 HTW01 FHI01 IOS01 Volltext |
| Zusammenfassung: | Multidimensional auctions are a natural and practical solution when auctioneers pursue more than one objective in their public-private-partnership transactions. However, it is difficult to achieve auction efficiency with multiple award criteria. Using auction data from road and railway concessions in Latin America, the probability of renegotiation this paper estimates by a two-stage least squares technique with a binary selection in the first-stage regression. The findings show that auctioneers tend to adopt the multidimensional format when the need for social considerations, such as alleviation of unemployment, is high. This implies that such political considerations could hinder efficiency and transparency in auctions. The analysis also shows that the renegotiation risk in infrastructure concessions increases when multidimensional auctions are used. Rather, good governance, particularly anti-corruption policies, can mitigate the renegotiation problem |
| Beschreibung: | 1 Online-Ressource (30 Seiten)) |
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| 520 | 3 | |a Multidimensional auctions are a natural and practical solution when auctioneers pursue more than one objective in their public-private-partnership transactions. However, it is difficult to achieve auction efficiency with multiple award criteria. Using auction data from road and railway concessions in Latin America, the probability of renegotiation this paper estimates by a two-stage least squares technique with a binary selection in the first-stage regression. The findings show that auctioneers tend to adopt the multidimensional format when the need for social considerations, such as alleviation of unemployment, is high. This implies that such political considerations could hinder efficiency and transparency in auctions. The analysis also shows that the renegotiation risk in infrastructure concessions increases when multidimensional auctions are used. Rather, good governance, particularly anti-corruption policies, can mitigate the renegotiation problem | |
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| spelling | Estache, Antonio Verfasser aut Multidimensionality And Renegotiation Evidence From Transport-Sector Public-Private-Partnership Transactions In Latin America Estache, Antonio Washington, D.C The World Bank 2008 1 Online-Ressource (30 Seiten)) txt rdacontent c rdamedia cr rdacarrier Multidimensional auctions are a natural and practical solution when auctioneers pursue more than one objective in their public-private-partnership transactions. However, it is difficult to achieve auction efficiency with multiple award criteria. Using auction data from road and railway concessions in Latin America, the probability of renegotiation this paper estimates by a two-stage least squares technique with a binary selection in the first-stage regression. The findings show that auctioneers tend to adopt the multidimensional format when the need for social considerations, such as alleviation of unemployment, is high. This implies that such political considerations could hinder efficiency and transparency in auctions. The analysis also shows that the renegotiation risk in infrastructure concessions increases when multidimensional auctions are used. Rather, good governance, particularly anti-corruption policies, can mitigate the renegotiation problem Online-Ausg Costs Debt Markets Diesel Finance and Financial Sector Development Infrastructure Infrastructure Economics Infrastructure Economics and Finance Infrastructure development Policies Railway Railway industry Road Transparency Transport Transport Economics, Policy and Planning Estache, Antonio Sonstige oth Iimi, Atsushi Sonstige oth Guasch, Jose-Luis Sonstige oth Trujillo, Lourdes Sonstige oth Estache, Antonio Multidimensionality And Renegotiation http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4665 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Estache, Antonio Multidimensionality And Renegotiation Evidence From Transport-Sector Public-Private-Partnership Transactions In Latin America Costs Debt Markets Diesel Finance and Financial Sector Development Infrastructure Infrastructure Economics Infrastructure Economics and Finance Infrastructure development Policies Railway Railway industry Road Transparency Transport Transport Economics, Policy and Planning |
| title | Multidimensionality And Renegotiation Evidence From Transport-Sector Public-Private-Partnership Transactions In Latin America |
| title_auth | Multidimensionality And Renegotiation Evidence From Transport-Sector Public-Private-Partnership Transactions In Latin America |
| title_exact_search | Multidimensionality And Renegotiation Evidence From Transport-Sector Public-Private-Partnership Transactions In Latin America |
| title_exact_search_txtP | 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 Estache, Antonio |
| title_fullStr | Multidimensionality And Renegotiation Evidence From Transport-Sector Public-Private-Partnership Transactions In Latin America Estache, Antonio |
| title_full_unstemmed | Multidimensionality And Renegotiation Evidence From Transport-Sector Public-Private-Partnership Transactions In Latin America Estache, Antonio |
| title_short | Multidimensionality And Renegotiation |
| title_sort | multidimensionality and renegotiation evidence from transport sector public private partnership transactions in latin america |
| title_sub | Evidence From Transport-Sector Public-Private-Partnership Transactions In Latin America |
| topic | Costs Debt Markets Diesel Finance and Financial Sector Development Infrastructure Infrastructure Economics Infrastructure Economics and Finance Infrastructure development Policies Railway Railway industry Road Transparency Transport Transport Economics, Policy and Planning |
| topic_facet | Costs Debt Markets Diesel Finance and Financial Sector Development Infrastructure Infrastructure Economics Infrastructure Economics and Finance Infrastructure development Policies Railway Railway industry Road Transparency Transport Transport Economics, Policy and Planning |
| url | http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4665 |
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