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

dc.contributor.author Estache, Antonio
dc.contributor.author Guasch, Jose-Luis
dc.contributor.author Iimi, Atsushi
dc.contributor.author Trujillo, Lourdes
dc.date.accessioned 2012-06-01T14:58:43Z
dc.date.available 2012-06-01T14:58:43Z
dc.date.issued 2008-07
dc.description.abstract 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. en
dc.identifier http://documents.worldbank.org/curated/en/2008/07/9670222/multidimensionality-renegotiation-evidence-transport-sector-public-private-partnership-transactions-latin-america
dc.identifier.uri http://hdl.handle.net/10986/6847
dc.language English
dc.publisher World Bank, Washington, DC
dc.relation.ispartofseries Policy Research Working Paper No. 4665
dc.rights CC BY 3.0 IGO
dc.rights.holder World Bank
dc.rights.uri http://creativecommons.org/licenses/by/3.0/igo/
dc.subject ADVERSE SELECTION
dc.subject AIRPORTS
dc.subject AUCTION
dc.subject AUCTION DESIGN
dc.subject AUCTION MECHANISM
dc.subject AUCTION MECHANISMS
dc.subject AUCTIONS
dc.subject BANKRUPTCIES
dc.subject BANKRUPTCY
dc.subject BID
dc.subject BIDDING FOR CONCESSIONS
dc.subject BIDDING PROCESS
dc.subject BIDS
dc.subject BUS
dc.subject BUS INDUSTRY
dc.subject CAPABILITY
dc.subject COMPETITIVE BIDDING
dc.subject COMPETITIVE PROCUREMENT
dc.subject CONCESSION CONTRACTS
dc.subject CONCESSION TRANSACTIONS
dc.subject CONCESSIONAIRES
dc.subject CONTRACT PERIODS
dc.subject COUNTRY DUMMY
dc.subject CREDIBILITY
dc.subject CURRENCY
dc.subject CURRENCY CRISIS
dc.subject DEFICITS
dc.subject DEVELOPING COUNTRIES
dc.subject DEVELOPMENT BANK
dc.subject DIESEL
dc.subject DIVESTITURE
dc.subject DUMMY VARIABLE
dc.subject DUMMY VARIABLES
dc.subject ELECTRICITY
dc.subject ELECTRICITY DISTRIBUTION
dc.subject FINANCIAL CAPACITY
dc.subject FINANCIAL VIABILITY
dc.subject FREIGHT
dc.subject FREIGHT SERVICE
dc.subject FUTURE DEMAND
dc.subject GLOBAL STANDARDS
dc.subject GOOD GOVERNANCE
dc.subject GOVERNANCE INDICATORS
dc.subject GOVERNANCE INDICES
dc.subject GOVERNMENT COMPENSATION
dc.subject GOVERNMENT POLICIES
dc.subject GOVERNMENT POLICY
dc.subject HIGHWAY
dc.subject HIGHWAY CONSTRUCTION
dc.subject HOLDING
dc.subject INFRASTRUCTURE CONCESSION
dc.subject INFRASTRUCTURE CONCESSIONS
dc.subject INFRASTRUCTURE DEVELOPMENT
dc.subject INFRASTRUCTURE OPERATIONS
dc.subject INFRASTRUCTURE SECTOR
dc.subject INSTRUMENT
dc.subject INTERNATIONAL BANK
dc.subject INVESTMENT REQUIREMENTS
dc.subject INVESTMENT VALUE
dc.subject LACK OF TRANSPARENCY
dc.subject LATIN AMERICAN
dc.subject LEASE CONTRACT
dc.subject LENGTH OF ROAD
dc.subject LENGTH OF ROADS
dc.subject LICENSES
dc.subject LIVING STANDARDS
dc.subject LOCOMOTIVE
dc.subject MIDDLE EAST
dc.subject MISSING DATA
dc.subject MOTORWAYS
dc.subject NATIONAL RAILWAY
dc.subject NETWORKS
dc.subject NEW TECHNOLOGY
dc.subject NORTH AFRICA
dc.subject PASSENGER RAIL
dc.subject PASSENGER SERVICES
dc.subject PASSENGER TRAIN
dc.subject POLITICAL CONSIDERATIONS
dc.subject POSITIVE COEFFICIENT
dc.subject POWER
dc.subject PRICE COMPETITION
dc.subject PRIVATE OPERATORS
dc.subject PRIVATE PARTNERSHIP
dc.subject PRIVATE SECTOR
dc.subject PRIVATE SECTOR INVOLVEMENT
dc.subject PRIVATE SECTOR PARTICIPATION
dc.subject PRIVATIZATION
dc.subject PRODUCTIVITY
dc.subject PUBLIC INFRASTRUCTURE
dc.subject PUBLIC PROCUREMENT
dc.subject PUBLIC SECTOR
dc.subject PUBLIC SERVICES
dc.subject PUBLIC-PRIVATE PARTNERSHIP
dc.subject QUALITY OF SERVICES
dc.subject RAIL
dc.subject RAIL FREIGHT
dc.subject RAIL INDUSTRY
dc.subject RAIL PROJECTS
dc.subject RAIL SECTOR
dc.subject RAIL SERVICES
dc.subject RAILROAD
dc.subject RAILROAD CONCESSIONS
dc.subject RAILROADS
dc.subject RAILWAY
dc.subject RAILWAY COMPANIES
dc.subject RAILWAY COMPANY
dc.subject RAILWAY INDUSTRY
dc.subject RAILWAY NETWORK
dc.subject RAILWAY SECTOR
dc.subject RAILWAY SYSTEM
dc.subject RAILWAYS
dc.subject REGULATORY ENVIRONMENT
dc.subject REGULATORY FRAMEWORK
dc.subject RELIABILITY
dc.subject RENEGOTIATION
dc.subject RENEGOTIATIONS
dc.subject RESULT
dc.subject RESULTS
dc.subject RETRENCHMENT
dc.subject RETURN
dc.subject ROAD
dc.subject ROAD CONCESSIONS
dc.subject ROAD PROJECTS
dc.subject ROAD SECTOR
dc.subject ROAD TRAFFIC
dc.subject ROUTES
dc.subject SANITATION
dc.subject SOCIAL COST
dc.subject SPEEDS
dc.subject SUB-SAHARAN AFRICA
dc.subject TARIFF CHANGES
dc.subject TECHNOLOGICAL DEVELOPMENT
dc.subject TECHNOLOGY DEVELOPMENT
dc.subject TELECOMMUNICATIONS
dc.subject TELEVISION
dc.subject TENDERS
dc.subject TOLL
dc.subject TOLL ROAD
dc.subject TRAFFIC
dc.subject TRANSACTION
dc.subject TRANSMISSION
dc.subject TRANSPARENCY
dc.subject TRANSPORT
dc.subject TRANSPORT INFRASTRUCTURE
dc.subject TRANSPORT SECTOR
dc.subject TRANSPORTATION
dc.subject TRUE
dc.subject UNEMPLOYMENT RATE
dc.subject UNEMPLOYMENT RATES
dc.subject URBAN DEVELOPMENT
dc.subject USER
dc.subject UTILITIES
dc.subject WATER DISTRIBUTION
dc.subject WEB
dc.subject WORLD DEVELOPMENT INDICATORS
dc.title Multidimensionality and Renegotiation : Evidence from Transport-Sector Public-Private-Partnership Transactions in Latin America en
dspace.entity.type Publication
okr.doctype Publications & Research :: Policy Research Working Paper
okr.doctype Publications & Research
okr.docurl http://documents.worldbank.org/curated/en/2008/07/9670222/multidimensionality-renegotiation-evidence-transport-sector-public-private-partnership-transactions-latin-america
okr.globalpractice Transport and ICT
okr.globalpractice Finance and Markets
okr.globalpractice Transport and ICT
okr.globalpractice Trade and Competitiveness
okr.identifier.doi 10.1596/1813-9450-4665
okr.identifier.externaldocumentum 000158349_20080714102020
okr.identifier.internaldocumentum 9670222
okr.identifier.report WPS4665
okr.language.supported en
okr.pdfurl http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2008/07/14/000158349_20080714102020/Rendered/PDF/WPS4665.pdf en
okr.region.administrative Latin America & Caribbean
okr.topic Private Sector Development :: Emerging Markets
okr.topic Transport Economics Policy and Planning
okr.topic Finance and Financial Sector Development :: Debt Markets
okr.topic Infrastructure Economics and Finance :: Infrastructure Economics
okr.topic Private Sector Development :: E-Business
okr.topic Transport
okr.unit Development Research Group (DECRG)
okr.volume 1 of 1
relation.isAuthorOfPublication 4cc9b022-436f-51a0-b40d-6c4438bbced2
relation.isAuthorOfPublication eeef1beb-b651-587f-bb16-a47ff170a096
relation.isSeriesOfPublication 26e071dc-b0bf-409c-b982-df2970295c87
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