Public–private partnerships and the privatization of financing: An incomplete contracts approach☆

Abstract

a r t i c l e i n f o JEL classification: H11 G32 D23 L20 Keywords: Public–private partnerships Incomplete contracts Soft budget constraints Governments have begun to embrace public–private partnerships (P3s) as vehicles for providing public services. This paper considers the controversial question of when private financing of public projects is optimal… (More)

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