Incomplete contracts, public-private partnerships and concessions: an analysis of risk allocation in BR-101 / ES / BA - Brazil
Name: JAIRO DE CARVALHO GUIMARÃES JÚNIOR
Type: MSc dissertation
Publication date: 18/12/2020
Advisor:
Name |
Role |
|---|---|
| ROBSON ANTONIO GRASSI | Advisor * |
Examining board:
| Name |
Role |
|---|---|
| ALEXANDRE OTTONI TEATINI SALLES | Internal Examiner * |
| ROBSON ANTONIO GRASSI | Advisor * |
Summary: This dissertation aims to carry out a case study of the concession of the federal highway BR-101/ES/BA, demonstrating the flaws and possible adjustments that may promote greater economic performance. Based on the on transaction costs economy and property rights, the institutional and contractual haracteristics of hybrid arrangements are established - such as PPPs and concessions, demonstrating the incompleteness of the adjustments, especially in long-term transactions. In the analytical framework, a risk allocation matrix and the premises for achieving an efficient allocation were presented, a requirement for the advantages of PPPs, such as obtaining Value for Money. Results of the experience with PPPs in the
United Kingdom, Australia and Chile demonstrated the importance of these arrangements in the provision of infrastructure. As a result of the case study, it is concluded that the contract signed between ANTT and ECO101 presents a mostly adequate risk allocation, but that did not promote an efficient performance, since the institutional relationship unfolds on a project whose planning stage was inadequate, in view of problems that were known to occur before the bidding procedure. Finally, despite advances in relation to past road concessions, there is a need for maturing with PPPs and concessions, progress that necessarily involves the dimension of risk allocation.
