Government subsidies in public-private partnership projects based on altruistic theory
Abstract
Nowadays, the public-private partnership (PPP) scheme has been widely adopted in infrastructure projects around the world. In PPP projects, the governments participate as a principal and the investors play the role of an agent, and therefore their behaviours and incentive strategies can be explained and designed by the principal-agent theory. As “economic men” with limited rationality, both the governments and the investors have altruistic preferences during cooperation. This paper studies how project participants’ altruistic preferences affect government subsidies based on the principal-agent theory. To this end, a principal-agent model in the presence of altruism is developed. The results show that the amount of government compensation is related to the altruistic preferences, the expected revenue, costs and investors’ efforts. Contrary to intuition, the governments’ altruism actually undermines the investors’ enthusiasm in cooperation and the risk-sharing propensity, although it increases the utilities of both parties. Moreover, when selecting the investors, governments should examine their operating capacity carefully, which has a significant impact on the sustainable development of the projects and even PPP arrangements. The findings contribute new insights into the development of incentive mechanisms between governments and private investors from the perspective of the behavioural preferences.
First published online 27 January 2020
Keyword : public-private partnership projects, government guarantee, principal-agent theory, altruistic theory, risk-sharing, subsidies
How to Cite
Wang, Y., Liu, J., Gao, R., & Hwang, B.-G. (2020). Government subsidies in public-private partnership projects based on altruistic theory. International Journal of Strategic Property Management, 24(3), 153-164. https://doi.org/10.3846/ijspm.2020.11545
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
Almassi, A., McCabe, B., & Thompson, M. (2012). Real optionsbased approach for valuation of government guarantees in public-private partnerships. Journal of Infrastructure Systems, 19(2), 196-204. https://doi.org/10.1061/(ASCE)IS.1943-555X.0000117
Alonso-Conde, A. B., Brown, C., & Rojo-Suarez, J. (2007). Public private partnerships: incentives, risk transfer and real options. Review of Financial Economics, 16(4), 335-349. https://doi.org/10.1016/j.rfe.2007.03.002
An, X., Li, H., Wang, L., Wang, Z., Ding, J., & Cao, Y. (2018). Compensation mechanism for urban water environment treatment PPP project in China. Journal of Cleaner Production, 201, 246-253. https://doi.org/10.1016/j.jclepro.2018.08.003
Andreoni, J., & Miller, J. (2002). Giving according to GARP: an experimental test of the consistency of preferences for altruism. Econometrica, 70(2), 737-753. https://doi.org/10.1111/1468-0262.00302
Borghesi, R., Houston, J. F., & Naranjo, A. (2014). Corporate socially responsible investments: CEO altruism, reputation, and shareholder interests. Journal of Corporate Finance, 26, 164-181. https://doi.org/10.1016/j.jcorpfin.2014.03.008
Brown, M., Falk, A., & Fehr, E. (2004). Relational contracts and the nature of market interactions. Econometrica, 72(3), 747-780. https://doi.org/10.1111/j.1468-0262.2004.00511.x
Brown, M., Falk, A., & Fehr, E. (2012). Competition and relational contracts: the role of unemployment as a disciplinary device. Journal of the European Economic Association, 10(4), 887-907. https://doi.org/10.1111/j.1542-4774.2011.01058.x
Buyukyoran, F., & Gundes, S. (2018). Optimized real optionsbased approach for government guarantees in PPP toll road projects. Construction Management and Economics, 36(4), 203-216. https://doi.org/10.1080/01446193.2017.1347267
Carbonara, N., & Pellegrino, R. (2018). Revenue guarantee in public-private partnerships: a win–win model. Construction Management and Economics, 36(10), 584-598. https://doi.org/10.1080/01446193.2018.1467028
Carbonara, N., Costantino, N., & Pellegrino, R. (2014a). Concession period for PPPs: a win-win model for a fair risk sharing. International Journal of Project Management, 32(7), 1223-1232. https://doi.org/10.1016/j.ijproman.2014.01.007
Carbonara, N., Costantino, N., & Pellegrino, R. (2014b). Revenue guarantee in public-private partnerships: a fair risk allocation model. Construction Management and Economics, 32(4), 403415. https://doi.org/10.1080/01446193.2014.906638
Carroll, A. B. (1991). The pyramid of corporate social responsibility: toward the moral management of organizational stakeholders. Business Horizons, 34(4), 39-48. https://doi.org/10.1016/0007-6813(91)90005-G
Carvalho, C., & Nechio, F. (2011). Aggregation and the PPP puzzle in a sticky-price model. American Economic Review, 101(6), 2391-2424. https://doi.org/10.1257/aer.101.6.2391
Cheah, C. Y., & Liu, J. (2006). Valuing governmental support in infrastructure projects as real options using Monte Carlo simulation. Construction Management and Economics, 24(5), 545-554. https://doi.org/10.1080/01446190500435572
De Waal, F. B. (2008). Putting the altruism back into altruism: the evolution of empathy. Annual Review of Psychology, 59, 279-300. https://doi.org/10.1146/annurev.psych.59.103006.093625
Dur, R., & Tichem, J. (2015). Altruism and relational incentives in the workplace. Journal of Economics & Management Strategy, 24(3), 485-500. https://doi.org/10.1111/jems.12099
Elster, J. (2006). Altruistic behavior and altruistic motivations. In Handbook of the economics of giving, altruism and reciprocity: Foundations (Vol. 1, pp. 183-206). Netherlands: North-Holland. https://doi.org/10.1016/S1574-0714(06)01003-7
Fahad Al-Azemi, K., Bhamra, R., & Salman, A. F. (2014). Risk management framework for build, operate and transfer (BOT) projects in Kuwait. Journal of Civil Engineering and Management, 20(3), 415-433. https://doi.org/10.3846/13923730.2013.802706
Feng, Z., Zhang, S. B., & Gao, Y. (2015). Modeling the impact of government guarantees on toll charge, road quality and capacity for Build-Operate-Transfer (BOT) road projects. Transportation Research Part A: Policy and Practice, 78, 54-67. https://doi.org/10.1016/j.tra.2015.05.006
Fehr, E., & Fischbacher, U. (2003). The nature of human altruism. Nature, 425(6960), 785-791. https://doi.org/10.1038/nature02043
Galera, A. L. L., & Soliño, A. S. (2010). A real options approach for the valuation of highway concessions. Transportation Science, 44(3), 416-427. https://doi.org/10.1287/trsc.1090.0299
Ge, Z., & Hu, Q. (2012). Who benefits from altruism in supply chain management? American Journal of Operations Research, 2(01), 59-72. https://doi.org/10.4236/ajor.2012.21007
Ge, Z., Zhang, Z. K., Lü, L., Zhou, T., & Xi, N. (2012). How altruism works: an evolutionary model of supply networks. Physica A: Statistical Mechanics and its Applications, 391(3), 647-655. https://doi.org/10.1016/j.physa.2011.08.063
Gino, F., & Pisano, G. (2008). Toward a theory of behavioral operations. Manufacturing & Service Operations Management, 10(4), 676-691. https://doi.org/10.1287/msom.1070.0205
Holmstrom, B., & Milgrom, P. (1987). Aggregation and linearity in the provision of intertemporal incentives. Econometrica: Journal of the Econometric Society, 55(2), 303-328. https://doi.org/10.2307/1913238
Hosoda, T., & Disney, S. M. (2006). The governing dynamics of supply chains: the impact of altruistic behaviour. Automatica, 42(8), 1301-1309. https://doi.org/10.1016/j.automatica.2006.03.013
Jin, X. H., & Zhang, G. (2011). Modelling optimal risk allocation in PPP projects using artificial neural networks. International Journal of Project Management, 29(5), 591-603. https://doi.org/10.1016/j.ijproman.2010.07.011
Ke, Y., Wang, S., & Chan, A. P. (2010a). Risk allocation in public-private partnership infrastructure projects: comparative study. Journal of Infrastructure Systems, 16(4), 343-351. https://doi.org/10.1061/(ASCE)IS.1943-555X.0000030
Ke, Y., Wang, S., Chan, A. P., & Lam, P. T. (2010b). Preferred risk allocation in China’s public-private partnership (PPP) projects. International Journal of Project Management, 28(5), 482-492. https://doi.org/10.1016/j.ijproman.2009.08.007
Kułakowski, K., & Gawroński, P. (2009). To cooperate or to defect? Altruism and reputation. Physica A: Statistical Mechanics and its Applications, 388(17), 3581-3584. https://doi.org/10.1016/j.physa.2009.05.001
Liu, J., Gao, R., & Cheah, C. Y. J. (2017). Pricing mechanism of early termination of PPP projects based on real option theory. Journal of Management in Engineering, 33(6), 04017035. https://doi.org/10.1061/(ASCE)ME.1943-5479.0000556
Liu, J., Yu, X., & Cheah, C. Y. J. (2014). Evaluation of restrictive competition in PPP projects using real option approach. International Journal of Project Management, 32(3), 473-481. https://doi.org/10.1016/j.ijproman.2013.07.007
Loch, C. H., & Wu, Y. (2008). Social preferences and supply chain performance: an experimental study. Management Science, 54(11), 1835-1849. https://doi.org/10.1287/mnsc.1080.0910
Marzouk, M., & Ali, M. (2018). Mitigating risks in wastewater treatment plant PPPs using minimum revenue guarantee and real options. Utilities Policy, 53, 121-133. https://doi.org/10.1016/j.jup.2018.06.012
Moore, M. A., Boardman, A. E., & Vining, A. R. (2017). Analyzing risk in PPP provision of utility services: a social welfare perspective. Utilities Policy, 48, 210-218. https://doi.org/10.1016/j.jup.2017.08.008
Nandavar, S., Lewis, I., & White, K. M. (2019). Understanding drivers’ altruistic driving decisions: a theoretically guided investigation. Transportation Research Part F: Traffic Psychology and Behaviour, 62, 212-227. https://doi.org/10.1016/j.trf.2018.12.017
Nasirzadeh, F., Khanzadi, M., & Rezaie, M. (2014). Dynamic modeling of the quantitative risk allocation in construction projects. International Journal of Project Management, 32(3), 442-451. https://doi.org/10.1016/j.ijproman.2013.06.002
Pellegrino, R., Ranieri, L., Costantino, N., & Mummolo, G. (2011). A real options-based model to supporting risk allocation in price cap regulation approach for public utilities. Construction Management and Economics, 29(12), 1197-1207. https://doi.org/10.1080/01446193.2011.647828
Piliavin, J. A. (2009). Altruism and helping: the evolution of a field: the 2008 Cooley-Mead presentation. Social Psychology Quarterly, 72(3), 209-225. https://doi.org/10.1177/019027250907200305
Shi, K., Jiang, F., & Ouyang, Q. (2013). Altruism and pricing strategy in dual-channel supply chains. American Journal of Operations Research, 3(4), 402-412. https://doi.org/10.4236/ajor.2013.34038
Shi, S., Yin, Y., & Guo, X. (2016). Optimal choice of capacity, toll and government guarantee for build-operate-transfer roads under asymmetric cost information. Transportation Research Part B: Methodological, 85, 56-69. https://doi.org/10.1016/j.trb.2015.12.019
Salas, P. C., & Roe, B. E. (2012). The role of cooperation and reciprocity in structuring carbon sequestration contracts in developing countries. American Journal of Agricultural Economics, 94(2), 411-418. https://doi.org/10.1093/ajae/aar108
Solana, E. F. O. (2014). Public private not-for-profit partnerships: delivering public services to developing countries. Procedia Engineering, 78, 259-264. https://doi.org/10.1016/j.proeng.2014.07.065
Song, J., Zhao, Y., Jin, L., & Sun, Y. (2018). Pareto optimization of public-private partnership toll road contracts with government guarantees. Transportation Research Part A: Policy and Practice, 117, 158-175. https://doi.org/10.1016/j.tra.2018.08.019
Soumaré, I. (2016). An analysis of government loan guarantees and direct investment through public-private partnerships. Economic Modelling, 59, 508-519. https://doi.org/10.1016/j.econmod.2016.08.012
Sun, Y., & Zhang, L. (2014). Balancing public and private stakeholder interests in BOT concessions: minimum revenue guarantee and royalty scheme applied to a water treatment project in China. Journal of Construction Engineering and Management, 141(2), 04014070. https://doi.org/10.1061/(ASCE)CO.1943-7862.0000930
Urda, J., & Loch, C. H. (2013). Social preferences and emotions as regulators of behavior in processes. Journal of Operations Management, 31(1-2), 6-23. https://doi.org/10.1016/j.jom.2012.11.007
Wang, Y., Cui, P., & Liu, J. (2018). Analysis of the risk-sharing ratio in PPP projects based on government minimum revenue guarantees. International Journal of Project Management, 36(6), 899-909. https://doi.org/10.1016/j.ijproman.2018.01.007
Wang, Y., Gao, H. O., & Liu, J. (2019). Incentive game of investor speculation in PPP highway projects based on the government minimum revenue guarantee. Transportation Research Part A: Policy and Practice, 125, 20-34. https://doi.org/10.1016/j.tra.2019.05.006
Wang, Y., & Liu, J. (2015). Evaluation of the excess revenue sharing ratio in PPP projects using principal-agent models. International Journal of Project Management, 33(6), 1317-1324. https://doi.org/10.1016/j.ijproman.2015.03.002
Wibowo, A., Permana, A., Kochendörfer, B., Kiong, R. T. L., Jacob, D., & Neunzehn, D. (2012). Modeling contingent liabilities arising from government guarantees in Indonesian BOT/PPP toll roads. Journal of Construction Engineering and Management, 138(12), 1403-1410. https://doi.org/10.1061/(ASCE)CO.1943-7862.0000555
Wu, Y., Xu, C., Li, L., Wang, Y., Chen, K., & Xu, R. (2018). A risk assessment framework of PPP waste-to-energy incineration projects in China under 2-dimension linguistic environment. Journal of Cleaner Production, 183, 602-617. https://doi.org/10.1016/j.jclepro.2018.02.077
Xiong, W., Zhang, X., & Chen, H. (2015). Early-termination compensation in public-private partnership projects. Journal of Construction Engineering and Management, 142(4), 04015098.
https://doi.org/10.1061/(ASCE)CO.1943-7862.0001084
Xu, F., & Wang, H. (2018). Competitive-cooperative strategy based on altruistic behavior for dual-channel supply chains. Sustainability, 10(6), 2103. https://doi.org/10.3390/su10062103
Xu, Y., Chan, A. P., Xia, B., Qian, Q. K., Liu, Y., & Peng, Y. (2015). Critical risk factors affecting the implementation of PPP waste-to-energy projects in China. Applied Energy, 158, 403411. https://doi.org/10.1016/j.apenergy.2015.08.043
Xu, Y., Yeung, J. F., & Jiang, S. (2014). Determining appropriate government guarantees for concession contract: lessons learned from 10 PPP projects in China. International Journal of Strategic Property Management, 18(4), 356-367. https://doi.org/10.3846/1648715X.2014.971088
Zhang, S., Chan, A. P., Feng, Y., Duan, H., & Ke, Y. (2016). Critical review on PPP research – a search from the Chinese and international journals. International Journal of Project Management, 34(4), 597-612. https://doi.org/10.1016/j.ijproman.2016.02.008
Alonso-Conde, A. B., Brown, C., & Rojo-Suarez, J. (2007). Public private partnerships: incentives, risk transfer and real options. Review of Financial Economics, 16(4), 335-349. https://doi.org/10.1016/j.rfe.2007.03.002
An, X., Li, H., Wang, L., Wang, Z., Ding, J., & Cao, Y. (2018). Compensation mechanism for urban water environment treatment PPP project in China. Journal of Cleaner Production, 201, 246-253. https://doi.org/10.1016/j.jclepro.2018.08.003
Andreoni, J., & Miller, J. (2002). Giving according to GARP: an experimental test of the consistency of preferences for altruism. Econometrica, 70(2), 737-753. https://doi.org/10.1111/1468-0262.00302
Borghesi, R., Houston, J. F., & Naranjo, A. (2014). Corporate socially responsible investments: CEO altruism, reputation, and shareholder interests. Journal of Corporate Finance, 26, 164-181. https://doi.org/10.1016/j.jcorpfin.2014.03.008
Brown, M., Falk, A., & Fehr, E. (2004). Relational contracts and the nature of market interactions. Econometrica, 72(3), 747-780. https://doi.org/10.1111/j.1468-0262.2004.00511.x
Brown, M., Falk, A., & Fehr, E. (2012). Competition and relational contracts: the role of unemployment as a disciplinary device. Journal of the European Economic Association, 10(4), 887-907. https://doi.org/10.1111/j.1542-4774.2011.01058.x
Buyukyoran, F., & Gundes, S. (2018). Optimized real optionsbased approach for government guarantees in PPP toll road projects. Construction Management and Economics, 36(4), 203-216. https://doi.org/10.1080/01446193.2017.1347267
Carbonara, N., & Pellegrino, R. (2018). Revenue guarantee in public-private partnerships: a win–win model. Construction Management and Economics, 36(10), 584-598. https://doi.org/10.1080/01446193.2018.1467028
Carbonara, N., Costantino, N., & Pellegrino, R. (2014a). Concession period for PPPs: a win-win model for a fair risk sharing. International Journal of Project Management, 32(7), 1223-1232. https://doi.org/10.1016/j.ijproman.2014.01.007
Carbonara, N., Costantino, N., & Pellegrino, R. (2014b). Revenue guarantee in public-private partnerships: a fair risk allocation model. Construction Management and Economics, 32(4), 403415. https://doi.org/10.1080/01446193.2014.906638
Carroll, A. B. (1991). The pyramid of corporate social responsibility: toward the moral management of organizational stakeholders. Business Horizons, 34(4), 39-48. https://doi.org/10.1016/0007-6813(91)90005-G
Carvalho, C., & Nechio, F. (2011). Aggregation and the PPP puzzle in a sticky-price model. American Economic Review, 101(6), 2391-2424. https://doi.org/10.1257/aer.101.6.2391
Cheah, C. Y., & Liu, J. (2006). Valuing governmental support in infrastructure projects as real options using Monte Carlo simulation. Construction Management and Economics, 24(5), 545-554. https://doi.org/10.1080/01446190500435572
De Waal, F. B. (2008). Putting the altruism back into altruism: the evolution of empathy. Annual Review of Psychology, 59, 279-300. https://doi.org/10.1146/annurev.psych.59.103006.093625
Dur, R., & Tichem, J. (2015). Altruism and relational incentives in the workplace. Journal of Economics & Management Strategy, 24(3), 485-500. https://doi.org/10.1111/jems.12099
Elster, J. (2006). Altruistic behavior and altruistic motivations. In Handbook of the economics of giving, altruism and reciprocity: Foundations (Vol. 1, pp. 183-206). Netherlands: North-Holland. https://doi.org/10.1016/S1574-0714(06)01003-7
Fahad Al-Azemi, K., Bhamra, R., & Salman, A. F. (2014). Risk management framework for build, operate and transfer (BOT) projects in Kuwait. Journal of Civil Engineering and Management, 20(3), 415-433. https://doi.org/10.3846/13923730.2013.802706
Feng, Z., Zhang, S. B., & Gao, Y. (2015). Modeling the impact of government guarantees on toll charge, road quality and capacity for Build-Operate-Transfer (BOT) road projects. Transportation Research Part A: Policy and Practice, 78, 54-67. https://doi.org/10.1016/j.tra.2015.05.006
Fehr, E., & Fischbacher, U. (2003). The nature of human altruism. Nature, 425(6960), 785-791. https://doi.org/10.1038/nature02043
Galera, A. L. L., & Soliño, A. S. (2010). A real options approach for the valuation of highway concessions. Transportation Science, 44(3), 416-427. https://doi.org/10.1287/trsc.1090.0299
Ge, Z., & Hu, Q. (2012). Who benefits from altruism in supply chain management? American Journal of Operations Research, 2(01), 59-72. https://doi.org/10.4236/ajor.2012.21007
Ge, Z., Zhang, Z. K., Lü, L., Zhou, T., & Xi, N. (2012). How altruism works: an evolutionary model of supply networks. Physica A: Statistical Mechanics and its Applications, 391(3), 647-655. https://doi.org/10.1016/j.physa.2011.08.063
Gino, F., & Pisano, G. (2008). Toward a theory of behavioral operations. Manufacturing & Service Operations Management, 10(4), 676-691. https://doi.org/10.1287/msom.1070.0205
Holmstrom, B., & Milgrom, P. (1987). Aggregation and linearity in the provision of intertemporal incentives. Econometrica: Journal of the Econometric Society, 55(2), 303-328. https://doi.org/10.2307/1913238
Hosoda, T., & Disney, S. M. (2006). The governing dynamics of supply chains: the impact of altruistic behaviour. Automatica, 42(8), 1301-1309. https://doi.org/10.1016/j.automatica.2006.03.013
Jin, X. H., & Zhang, G. (2011). Modelling optimal risk allocation in PPP projects using artificial neural networks. International Journal of Project Management, 29(5), 591-603. https://doi.org/10.1016/j.ijproman.2010.07.011
Ke, Y., Wang, S., & Chan, A. P. (2010a). Risk allocation in public-private partnership infrastructure projects: comparative study. Journal of Infrastructure Systems, 16(4), 343-351. https://doi.org/10.1061/(ASCE)IS.1943-555X.0000030
Ke, Y., Wang, S., Chan, A. P., & Lam, P. T. (2010b). Preferred risk allocation in China’s public-private partnership (PPP) projects. International Journal of Project Management, 28(5), 482-492. https://doi.org/10.1016/j.ijproman.2009.08.007
Kułakowski, K., & Gawroński, P. (2009). To cooperate or to defect? Altruism and reputation. Physica A: Statistical Mechanics and its Applications, 388(17), 3581-3584. https://doi.org/10.1016/j.physa.2009.05.001
Liu, J., Gao, R., & Cheah, C. Y. J. (2017). Pricing mechanism of early termination of PPP projects based on real option theory. Journal of Management in Engineering, 33(6), 04017035. https://doi.org/10.1061/(ASCE)ME.1943-5479.0000556
Liu, J., Yu, X., & Cheah, C. Y. J. (2014). Evaluation of restrictive competition in PPP projects using real option approach. International Journal of Project Management, 32(3), 473-481. https://doi.org/10.1016/j.ijproman.2013.07.007
Loch, C. H., & Wu, Y. (2008). Social preferences and supply chain performance: an experimental study. Management Science, 54(11), 1835-1849. https://doi.org/10.1287/mnsc.1080.0910
Marzouk, M., & Ali, M. (2018). Mitigating risks in wastewater treatment plant PPPs using minimum revenue guarantee and real options. Utilities Policy, 53, 121-133. https://doi.org/10.1016/j.jup.2018.06.012
Moore, M. A., Boardman, A. E., & Vining, A. R. (2017). Analyzing risk in PPP provision of utility services: a social welfare perspective. Utilities Policy, 48, 210-218. https://doi.org/10.1016/j.jup.2017.08.008
Nandavar, S., Lewis, I., & White, K. M. (2019). Understanding drivers’ altruistic driving decisions: a theoretically guided investigation. Transportation Research Part F: Traffic Psychology and Behaviour, 62, 212-227. https://doi.org/10.1016/j.trf.2018.12.017
Nasirzadeh, F., Khanzadi, M., & Rezaie, M. (2014). Dynamic modeling of the quantitative risk allocation in construction projects. International Journal of Project Management, 32(3), 442-451. https://doi.org/10.1016/j.ijproman.2013.06.002
Pellegrino, R., Ranieri, L., Costantino, N., & Mummolo, G. (2011). A real options-based model to supporting risk allocation in price cap regulation approach for public utilities. Construction Management and Economics, 29(12), 1197-1207. https://doi.org/10.1080/01446193.2011.647828
Piliavin, J. A. (2009). Altruism and helping: the evolution of a field: the 2008 Cooley-Mead presentation. Social Psychology Quarterly, 72(3), 209-225. https://doi.org/10.1177/019027250907200305
Shi, K., Jiang, F., & Ouyang, Q. (2013). Altruism and pricing strategy in dual-channel supply chains. American Journal of Operations Research, 3(4), 402-412. https://doi.org/10.4236/ajor.2013.34038
Shi, S., Yin, Y., & Guo, X. (2016). Optimal choice of capacity, toll and government guarantee for build-operate-transfer roads under asymmetric cost information. Transportation Research Part B: Methodological, 85, 56-69. https://doi.org/10.1016/j.trb.2015.12.019
Salas, P. C., & Roe, B. E. (2012). The role of cooperation and reciprocity in structuring carbon sequestration contracts in developing countries. American Journal of Agricultural Economics, 94(2), 411-418. https://doi.org/10.1093/ajae/aar108
Solana, E. F. O. (2014). Public private not-for-profit partnerships: delivering public services to developing countries. Procedia Engineering, 78, 259-264. https://doi.org/10.1016/j.proeng.2014.07.065
Song, J., Zhao, Y., Jin, L., & Sun, Y. (2018). Pareto optimization of public-private partnership toll road contracts with government guarantees. Transportation Research Part A: Policy and Practice, 117, 158-175. https://doi.org/10.1016/j.tra.2018.08.019
Soumaré, I. (2016). An analysis of government loan guarantees and direct investment through public-private partnerships. Economic Modelling, 59, 508-519. https://doi.org/10.1016/j.econmod.2016.08.012
Sun, Y., & Zhang, L. (2014). Balancing public and private stakeholder interests in BOT concessions: minimum revenue guarantee and royalty scheme applied to a water treatment project in China. Journal of Construction Engineering and Management, 141(2), 04014070. https://doi.org/10.1061/(ASCE)CO.1943-7862.0000930
Urda, J., & Loch, C. H. (2013). Social preferences and emotions as regulators of behavior in processes. Journal of Operations Management, 31(1-2), 6-23. https://doi.org/10.1016/j.jom.2012.11.007
Wang, Y., Cui, P., & Liu, J. (2018). Analysis of the risk-sharing ratio in PPP projects based on government minimum revenue guarantees. International Journal of Project Management, 36(6), 899-909. https://doi.org/10.1016/j.ijproman.2018.01.007
Wang, Y., Gao, H. O., & Liu, J. (2019). Incentive game of investor speculation in PPP highway projects based on the government minimum revenue guarantee. Transportation Research Part A: Policy and Practice, 125, 20-34. https://doi.org/10.1016/j.tra.2019.05.006
Wang, Y., & Liu, J. (2015). Evaluation of the excess revenue sharing ratio in PPP projects using principal-agent models. International Journal of Project Management, 33(6), 1317-1324. https://doi.org/10.1016/j.ijproman.2015.03.002
Wibowo, A., Permana, A., Kochendörfer, B., Kiong, R. T. L., Jacob, D., & Neunzehn, D. (2012). Modeling contingent liabilities arising from government guarantees in Indonesian BOT/PPP toll roads. Journal of Construction Engineering and Management, 138(12), 1403-1410. https://doi.org/10.1061/(ASCE)CO.1943-7862.0000555
Wu, Y., Xu, C., Li, L., Wang, Y., Chen, K., & Xu, R. (2018). A risk assessment framework of PPP waste-to-energy incineration projects in China under 2-dimension linguistic environment. Journal of Cleaner Production, 183, 602-617. https://doi.org/10.1016/j.jclepro.2018.02.077
Xiong, W., Zhang, X., & Chen, H. (2015). Early-termination compensation in public-private partnership projects. Journal of Construction Engineering and Management, 142(4), 04015098.
https://doi.org/10.1061/(ASCE)CO.1943-7862.0001084
Xu, F., & Wang, H. (2018). Competitive-cooperative strategy based on altruistic behavior for dual-channel supply chains. Sustainability, 10(6), 2103. https://doi.org/10.3390/su10062103
Xu, Y., Chan, A. P., Xia, B., Qian, Q. K., Liu, Y., & Peng, Y. (2015). Critical risk factors affecting the implementation of PPP waste-to-energy projects in China. Applied Energy, 158, 403411. https://doi.org/10.1016/j.apenergy.2015.08.043
Xu, Y., Yeung, J. F., & Jiang, S. (2014). Determining appropriate government guarantees for concession contract: lessons learned from 10 PPP projects in China. International Journal of Strategic Property Management, 18(4), 356-367. https://doi.org/10.3846/1648715X.2014.971088
Zhang, S., Chan, A. P., Feng, Y., Duan, H., & Ke, Y. (2016). Critical review on PPP research – a search from the Chinese and international journals. International Journal of Project Management, 34(4), 597-612. https://doi.org/10.1016/j.ijproman.2016.02.008