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Winners and losers in tolled motorway renegotiations: an empirical evaluation of the Spanish pioneers

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  • Daniel Albalate
  • Paula Bel-Piñana

Abstract

This paper evaluates the welfare impact of a tolled motorway contract renegotiation in Spain. The results show that, after renegotiation, both taxpayers and the private concessionaire were better off. However, road users lost out. An agreement leaving road users unaffected, while securing gains for taxpayers and the concessionaire, would have been possible by negotiating a larger reduction in tolls linked to the extension of the contract duration.

Suggested Citation

  • Daniel Albalate & Paula Bel-Piñana, 2016. "Winners and losers in tolled motorway renegotiations: an empirical evaluation of the Spanish pioneers," Public Money & Management, Taylor & Francis Journals, vol. 36(5), pages 365-372, July.
    • Handle: RePEc:taf:pubmmg:v:36:y:2016:i:5:p:365-372
    DOI: 10.1080/09540962.2016.1194084
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    References listed on IDEAS

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    1. Athias, Laure & Nuñez, Antonio, 2008. "Winner's curse in toll road concessions," Economics Letters, Elsevier, vol. 101(3), pages 172-174, December.
    2. Robert Bain, 2009. "Error and optimism bias in toll road traffic forecasts," Transportation, Springer, vol. 36(5), pages 469-482, September.
    3. J. Luis Guasch, 2004. "Granting and Renegotiating Infrastructure Concessions : Doing it Right," World Bank Publications - Books, The World Bank Group, number 15024.
    4. Eduardo Engel & Ronald Fischer & Alexander Galetovic, 2006. "Privatizing Highways in the United States," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 29(1), pages 27-53, September.
    5. Kerf, M. & Gray, R.D. & Irwin, T. & Levesque, C. & Taylor, R.R. & Klein, M., 1998. "Concessions for Infrastructure. A Guide to their Design and Award," Papers 399, World Bank - Technical Papers.
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    Cited by:

    1. Baños-Pino, José F. & Boto-García, David & Zapico, Emma, 2021. "Persistence and dynamics in the efficiency of toll motorways: The Spanish case," Efficiency Series Papers 2021/03, University of Oviedo, Department of Economics, Oviedo Efficiency Group (OEG).
    2. Baños-Pino, José F. & Boto-García, David & Zapico, Emma, 2022. "Persistence and dynamics in the efficiency of toll motorways: The Spanish case," Economics of Transportation, Elsevier, vol. 31(C).
    3. Alcaraz Carrillo de Albornoz, Vicente & Sánchez Soliño, Antonio & Lara Galera, Antonio & Isabel Álvarez, José Miguel, 2021. "Bankrupt PPPs: Is it really so bad? Case study of R-3 and R-5 toll motorways in Spain," Transport Policy, Elsevier, vol. 114(C), pages 78-87.

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