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Contract Design, Financing Arrangements and Public Ownership—An Assessment of the US Airport Governance Model

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  • Johannes Fuhr
  • Thorsten Beckers

Abstract

US airports negotiate legally binding contracts with airlines and finance large investment projects with revenue bonds. Applying insights from transaction cost economics, we argue that the observed variation in contractual and financing arrangements at US airports corresponds to the parties' needs for safeguarding and coordination. The case evidence presented reveals that public owners set the framework for private investments and contracting. We suggest that airline contracts and capital market control result in comparative efficient investments and act as a check on the cost inefficiency typically linked to public ownership.

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  • Johannes Fuhr & Thorsten Beckers, 2008. "Contract Design, Financing Arrangements and Public Ownership—An Assessment of the US Airport Governance Model," Transport Reviews, Taylor & Francis Journals, vol. 29(4), pages 459-478, September.
    • Handle: RePEc:taf:transr:v:29:y:2008:i:4:p:459-478
    DOI: 10.1080/01441640802465656
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    Cited by:

    1. Robert Malina & Sascha Albers & Nathalie Kroll, 2012. "Airport Incentive Programmes: A European Perspective," Transport Reviews, Taylor & Francis Journals, vol. 32(4), pages 435-453, April.
    2. Allroggen, Florian & Malina, Robert & Lenz, Ann-Katrin, 2013. "Which factors impact on the presence of incentives for route and traffic development? Econometric evidence from European airports," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 60(C), pages 49-61.
    3. Christopher L. Atkinson, 2020. "The Federal Aviation Administration Airport Improvement Program: Who Benefits?," Public Organization Review, Springer, vol. 20(4), pages 789-805, December.
    4. Kutlu, Levent & McCarthy, Patrick, 2016. "US airport ownership, efficiency, and heterogeneity," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 89(C), pages 117-132.

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