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

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dc.contributor.authorEstache, Antonio
dc.contributor.authorGuasch, Jose-Luis
dc.contributor.authorIimi, Atsushi
dc.contributor.authorTrujillo, Lourdes
dc.date.accessioned2012-06-01T14:58:43Z
dc.date.available2012-06-01T14:58:43Z
dc.date.issued2008-07
dc.description.abstractMultidimensional 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.identifierhttp://documents.worldbank.org/curated/en/2008/07/9670222/multidimensionality-renegotiation-evidence-transport-sector-public-private-partnership-transactions-latin-america
dc.identifier.doi10.1596/1813-9450-4665
dc.identifier.urihttps://hdl.handle.net/10986/6847
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper No. 4665
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectADVERSE SELECTION
dc.subjectAIRPORTS
dc.subjectAUCTION
dc.subjectAUCTION DESIGN
dc.subjectAUCTION MECHANISM
dc.subjectAUCTION MECHANISMS
dc.subjectAUCTIONS
dc.subjectBANKRUPTCIES
dc.subjectBANKRUPTCY
dc.subjectBID
dc.subjectBIDDING FOR CONCESSIONS
dc.subjectBIDDING PROCESS
dc.subjectBIDS
dc.subjectBUS
dc.subjectBUS INDUSTRY
dc.subjectCAPABILITY
dc.subjectCOMPETITIVE BIDDING
dc.subjectCOMPETITIVE PROCUREMENT
dc.subjectCONCESSION CONTRACTS
dc.subjectCONCESSION TRANSACTIONS
dc.subjectCONCESSIONAIRES
dc.subjectCONTRACT PERIODS
dc.subjectCOUNTRY DUMMY
dc.subjectCREDIBILITY
dc.subjectCURRENCY
dc.subjectCURRENCY CRISIS
dc.subjectDEFICITS
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPMENT BANK
dc.subjectDIESEL
dc.subjectDIVESTITURE
dc.subjectDUMMY VARIABLE
dc.subjectDUMMY VARIABLES
dc.subjectELECTRICITY
dc.subjectELECTRICITY DISTRIBUTION
dc.subjectFINANCIAL CAPACITY
dc.subjectFINANCIAL VIABILITY
dc.subjectFREIGHT
dc.subjectFREIGHT SERVICE
dc.subjectFUTURE DEMAND
dc.subjectGLOBAL STANDARDS
dc.subjectGOOD GOVERNANCE
dc.subjectGOVERNANCE INDICATORS
dc.subjectGOVERNANCE INDICES
dc.subjectGOVERNMENT COMPENSATION
dc.subjectGOVERNMENT POLICIES
dc.subjectGOVERNMENT POLICY
dc.subjectHIGHWAY
dc.subjectHIGHWAY CONSTRUCTION
dc.subjectHOLDING
dc.subjectINFRASTRUCTURE CONCESSION
dc.subjectINFRASTRUCTURE CONCESSIONS
dc.subjectINFRASTRUCTURE DEVELOPMENT
dc.subjectINFRASTRUCTURE OPERATIONS
dc.subjectINFRASTRUCTURE SECTOR
dc.subjectINSTRUMENT
dc.subjectINTERNATIONAL BANK
dc.subjectINVESTMENT REQUIREMENTS
dc.subjectINVESTMENT VALUE
dc.subjectLACK OF TRANSPARENCY
dc.subjectLATIN AMERICAN
dc.subjectLEASE CONTRACT
dc.subjectLENGTH OF ROAD
dc.subjectLENGTH OF ROADS
dc.subjectLICENSES
dc.subjectLIVING STANDARDS
dc.subjectLOCOMOTIVE
dc.subjectMIDDLE EAST
dc.subjectMISSING DATA
dc.subjectMOTORWAYS
dc.subjectNATIONAL RAILWAY
dc.subjectNETWORKS
dc.subjectNEW TECHNOLOGY
dc.subjectNORTH AFRICA
dc.subjectPASSENGER RAIL
dc.subjectPASSENGER SERVICES
dc.subjectPASSENGER TRAIN
dc.subjectPOLITICAL CONSIDERATIONS
dc.subjectPOSITIVE COEFFICIENT
dc.subjectPOWER
dc.subjectPRICE COMPETITION
dc.subjectPRIVATE OPERATORS
dc.subjectPRIVATE PARTNERSHIP
dc.subjectPRIVATE SECTOR
dc.subjectPRIVATE SECTOR INVOLVEMENT
dc.subjectPRIVATE SECTOR PARTICIPATION
dc.subjectPRIVATIZATION
dc.subjectPRODUCTIVITY
dc.subjectPUBLIC INFRASTRUCTURE
dc.subjectPUBLIC PROCUREMENT
dc.subjectPUBLIC SECTOR
dc.subjectPUBLIC SERVICES
dc.subjectPUBLIC-PRIVATE PARTNERSHIP
dc.subjectQUALITY OF SERVICES
dc.subjectRAIL
dc.subjectRAIL FREIGHT
dc.subjectRAIL INDUSTRY
dc.subjectRAIL PROJECTS
dc.subjectRAIL SECTOR
dc.subjectRAIL SERVICES
dc.subjectRAILROAD
dc.subjectRAILROAD CONCESSIONS
dc.subjectRAILROADS
dc.subjectRAILWAY
dc.subjectRAILWAY COMPANIES
dc.subjectRAILWAY COMPANY
dc.subjectRAILWAY INDUSTRY
dc.subjectRAILWAY NETWORK
dc.subjectRAILWAY SECTOR
dc.subjectRAILWAY SYSTEM
dc.subjectRAILWAYS
dc.subjectREGULATORY ENVIRONMENT
dc.subjectREGULATORY FRAMEWORK
dc.subjectRELIABILITY
dc.subjectRENEGOTIATION
dc.subjectRENEGOTIATIONS
dc.subjectRESULT
dc.subjectRESULTS
dc.subjectRETRENCHMENT
dc.subjectRETURN
dc.subjectROAD
dc.subjectROAD CONCESSIONS
dc.subjectROAD PROJECTS
dc.subjectROAD SECTOR
dc.subjectROAD TRAFFIC
dc.subjectROUTES
dc.subjectSANITATION
dc.subjectSOCIAL COST
dc.subjectSPEEDS
dc.subjectSUB-SAHARAN AFRICA
dc.subjectTARIFF CHANGES
dc.subjectTECHNOLOGICAL DEVELOPMENT
dc.subjectTECHNOLOGY DEVELOPMENT
dc.subjectTELECOMMUNICATIONS
dc.subjectTELEVISION
dc.subjectTENDERS
dc.subjectTOLL
dc.subjectTOLL ROAD
dc.subjectTRAFFIC
dc.subjectTRANSACTION
dc.subjectTRANSMISSION
dc.subjectTRANSPARENCY
dc.subjectTRANSPORT
dc.subjectTRANSPORT INFRASTRUCTURE
dc.subjectTRANSPORT SECTOR
dc.subjectTRANSPORTATION
dc.subjectTRUE
dc.subjectUNEMPLOYMENT RATE
dc.subjectUNEMPLOYMENT RATES
dc.subjectURBAN DEVELOPMENT
dc.subjectUSER
dc.subjectUTILITIES
dc.subjectWATER DISTRIBUTION
dc.subjectWEB
dc.subjectWORLD DEVELOPMENT INDICATORS
dc.titleMultidimensionality and Renegotiation : Evidence from Transport-Sector Public-Private-Partnership Transactions in Latin Americaen
dspace.entity.typePublication
okr.crossref.titleMultidimensionality And Renegotiation : Evidence From Transport-Sector Public-Private-Partnership Transactions In Latin America
okr.date.doiregistration2025-04-10T10:35:41.427059Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2008/07/9670222/multidimensionality-renegotiation-evidence-transport-sector-public-private-partnership-transactions-latin-america
okr.globalpracticeTransport and ICT
okr.globalpracticeFinance and Markets
okr.globalpracticeTransport and ICT
okr.globalpracticeTrade and Competitiveness
okr.guid994701468045579411
okr.identifier.doi10.1596/1813-9450-4665
okr.identifier.externaldocumentum000158349_20080714102020
okr.identifier.internaldocumentum9670222
okr.identifier.reportWPS4665
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2008/07/14/000158349_20080714102020/Rendered/PDF/WPS4665.pdfen
okr.region.administrativeLatin America & Caribbean
okr.topicPrivate Sector Development::Emerging Markets
okr.topicTransport Economics Policy and Planning
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicInfrastructure Economics and Finance::Infrastructure Economics
okr.topicPrivate Sector Development::E-Business
okr.topicTransport
okr.unitDevelopment Research Group (DECRG)
okr.volume1 of 1
relation.isAuthorOfPublication4cc9b022-436f-51a0-b40d-6c4438bbced2
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relation.isAuthorOfPublication.latestForDiscoveryeeef1beb-b651-587f-bb16-a47ff170a096
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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