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Risk transfer and value for money in PFI projects

Author

Listed:
  • Rob Ball
  • Maryanne Heafey
  • David King

Abstract

Risk transfer is an essential element of the private finance initiative. It also makes an important contribution to value for money estimates. Indeed many PFI projects only achieve value for money because of the risk transfer contribution. A participant observation study was carried out to assess how risk was evaluated in a PFI project. Issues related to the lack of an evidence-based approach to risk assessment, the potential dominance of a very small number of risks and difficulties of imposing penalties on the contractor are discussed.

Suggested Citation

  • Rob Ball & Maryanne Heafey & David King, 2003. "Risk transfer and value for money in PFI projects," Public Management Review, Taylor & Francis Journals, vol. 5(2), pages 279-290, June.
    • Handle: RePEc:taf:pubmgr:v:5:y:2003:i:2:p:279-290
    DOI: 10.1080/1461667032000066444
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    Cited by:

    1. Michael Opara, 2018. "Value for Money and Risk Relationships in Public–Private Partnerships: Evaluating Program‐based Evidence," Australian Accounting Review, CPA Australia, vol. 28(3), pages 391-404, September.
    2. Roehrich, Jens K. & Lewis, Michael A. & George, Gerard, 2014. "Are public–private partnerships a healthy option? A systematic literature review," Social Science & Medicine, Elsevier, vol. 113(C), pages 110-119.
    3. Chung, Demi & Hensher, David A. & Rose, John M., 2010. "Toward the betterment of risk allocation: Investigating risk perceptions of Australian stakeholder groups to public-private-partnership tollroad projects," Research in Transportation Economics, Elsevier, vol. 30(1), pages 43-58.
    4. Hossein Askari & Abbas Mirakhor, 2014. "Risk sharing, public policy and the contribution of Islamic finance," PSL Quarterly Review, Economia civile, vol. 67(271), pages 345-379.
    5. Nathalie Brender & Bledi Yzeiraj & Florian Dupuy, 2017. "Risk and accountability: Drivers for change in network governance. The case of school restaurants governance in a Swiss city," Cogent Business & Management, Taylor & Francis Journals, vol. 4(1), pages 1384636-138, January.

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