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Les infrastructures de transport et la logique financière du partenariat public-privé : quelques paradoxes

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  • Alain Bonnafous

    (LET - Laboratoire d'économie des transports - UL2 - Université Lumière - Lyon 2 - ENTPE - École Nationale des Travaux Publics de l'État - CNRS - Centre National de la Recherche Scientifique)

Abstract

Transport Infrastructures and Public-Private Partnership Financing: Some Paradoxes. - The opportunity of private financing, building and operating of new infrastructure projects is more and more frequently explored by public authorities in the world. This trend is justified by various reasons. This paper concerns one of them which is a lower need of public financing and more specifically some questions: what is the consequence on public financing of a weak profitability rate of the project according to a public or private operator? is the "private going" only relevant with high profitability rates?One of the answer to these questions is what we call the paradox of profitability rate which can be formulated as following: the internal rate of return being supposed the same in the public and private case, the need of subsidies for a non self-financed project is higher with a private operator than with a public one, but the additional cost of the private issue is decreasing when the profitability rate of the project is itself decreasing.This article proposes a general demonstration of this paradox and its policy oriented implications, including in the case of a better efficiency of the private operator.

Suggested Citation

  • Alain Bonnafous, 2002. "Les infrastructures de transport et la logique financière du partenariat public-privé : quelques paradoxes," Post-Print halshs-00079845, HAL.
    • Handle: RePEc:hal:journl:halshs-00079845
    DOI: 10.3406/rfeco.2002.1458
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00079845
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    Cited by:

    1. Bonnafous, Alain, 2010. "Programming, optimal pricing and partnership contract for infrastructures in PPPs," Research in Transportation Economics, Elsevier, vol. 30(1), pages 15-22.
    2. Alain Bonnafous & Pablo Jensen, 2005. "Ranking Transport Projects by their Socioeconomic Value or Financial Interest rate of return?," Post-Print halshs-00079721, HAL.
    3. Anastasios Michailidis & Efstratios Loizou & Georgios Theodosiou, 2006. "Socioeconomic Evaluation and Ranking of Infrastructure Projects," ERSA conference papers ersa06p395, European Regional Science Association.
    4. William Roy, 2004. "L'investissement public dans les infrastructures de transport est-il source de croissance endogène ?," Post-Print halshs-00103274, HAL.
    5. Bonnafous, Alain, 2012. "The use of PPP's and the profitability rate paradox," Research in Transportation Economics, Elsevier, vol. 36(1), pages 45-49.
    6. William Roy, 2005. "Évaluation des programmes d'infrastructure : ordre optimal de réalisation sous contrainte financière," Post-Print halshs-00003971, HAL.
    7. Alain Bonnafous & Bruno Faivre d'Arcier, 2013. "The conditions of efficiency of a PPP for public finances," Post-Print halshs-00876446, HAL.
    8. Alain Bonnafous & Pablo Jensen & William Roy, 2006. "Le cofinancement usager - contribuable et le partenariat public-privé changent les termes de l'évaluation des programmes d'investissement public," Economie & Prévision, La Documentation Française, vol. 0(4), pages 15-30.
    9. Damien Broussolle, 2011. "Le Peage Urbain : Une Source De Financement Acceptable ? Avec Une Application Au Cas De L’Agglomeration Strasbourgeoise," Working Papers of LaRGE Research Center 2011-07, Laboratoire de Recherche en Gestion et Economie (LaRGE), Université de Strasbourg.
    10. Alain Bonnafous, 2005. "Infrastructure Funding and Public-Private Partnerships," Post-Print halshs-00079768, HAL.
    11. Jorge Cabrera Delgado, 2013. "Étude Empirique Du Modèle Linéaire De Représentation Des Coûts Et Avantages Liés Aux Grands Projets D’ Infrastructures De Transport," Working Papers halshs-01108255, HAL.
    12. Bonnafous, Alain & Jensen, Pablo, 2005. "Ranking transport projects by their socioeconomic value or financial internal rate of return?," Transport Policy, Elsevier, vol. 12(2), pages 131-136, March.

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