Social welfare analysis of investment public-private partnership approaches for tansportation projects
This paper has two objectives: (1) to introduce a new approach to gaining widespread support for comprehensive road pricing; and (2) to develop a detailed social welfare analysis for road pricing schemes. We first describe a new approach to garnering support for system-wide road pricing, which we re...
| Autores: | , , , |
|---|---|
| Tipo de recurso: | artículo |
| Estado: | Versión aceptada para publicación |
| Fecha de publicación: | 2016 |
| País: | España |
| Institución: | Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya) |
| Repositorio: | Recercat. Dipósit de la Recerca de Catalunya |
| OAI Identifier: | oai:recercat.cat:2445/102536 |
| Acceso en línea: | https://hdl.handle.net/2445/102536 |
| Access Level: | acceso abierto |
| Palabra clave: | Benestar social Associacions Infraestructures (Transport) Tarifes Public welfare Associations Transportation buildings Rates |
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Social welfare analysis of investment public-private partnership approaches for tansportation projectsRouhani, Omid M.Geddes, R. RichardGao, H. OliverBel i Queralt, Germà, 1963-Benestar socialAssociacionsInfraestructures (Transport)TarifesPublic welfareAssociationsTransportation buildingsRatesThis paper has two objectives: (1) to introduce a new approach to gaining widespread support for comprehensive road pricing; and (2) to develop a detailed social welfare analysis for road pricing schemes. We first describe a new approach to garnering support for system-wide road pricing, which we refer to as an investment public-private partnership, or IP3. This approach returns a significant portion of the economic value created by road pricing back to its citizen-owners. Next, we present a social welfare framework that estimates the benefits and costs of using the IP3 approach on an urban transportation network. Policy makers typically evaluate public-private partnership (P3) projects using Value for Money (VfM) analysis. However, a P3 project's impact on overall social welfare provides a more comprehensive evaluation criterion. Apart from several theoretical studies, a detailed social welfare analysis that includes all major P3 project stakeholders is lacking. Using Fresno City's transportation system as our case study, we show that system-optimal tolling scenarios favor average users, but that government¿and consequently taxpayers¿would pay for costly tolling systems. In contrast, unlimited profit-maximizing tolls raise substantial profits for government, for the infrastructure's citizen-owners, and for the private sector, but the average user is worse off. From a social welfare perspective, one should search for a Pareto-improvement under which all major stakeholders are better off. Our estimates indicate that a mixed private and public tolling scheme offers such an improvement. A mixed scheme results in the highest social welfare among all scenarios unless the weight placed on motorists' (i.e., transportation users') welfare is very low or the weight placed on residents' welfare is very high relative to the weight of other stakeholders.Elsevier Ltd2016201920162016info:eu-repo/semantics/articleinfo:eu-repo/semantics/acceptedVersion18 p.application/pdfhttps://hdl.handle.net/2445/102536Articles publicats en revistes (Econometria, Estadística i Economia Aplicada)reponame:Recercat. Dipósit de la Recerca de Catalunyainstname:Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya)InglésVersió postprint del document publicat a: http://dx.doi.org/10.1016/j.tra.2015.11.003Transportation Research Part A: Policy and Practice, 2016, vol. 88, p. 86-103http://dx.doi.org/10.1016/j.tra.2015.11.003cc-by-nc-nd (c) Elsevier Ltd, 2016http://creativecommons.org/licenses/by-nc-nd/3.0/esinfo:eu-repo/semantics/openAccessoai:recercat.cat:2445/1025362026-05-29T05:05:01Z |
| dc.title.none.fl_str_mv |
Social welfare analysis of investment public-private partnership approaches for tansportation projects |
| title |
Social welfare analysis of investment public-private partnership approaches for tansportation projects |
| spellingShingle |
Social welfare analysis of investment public-private partnership approaches for tansportation projects Rouhani, Omid M. Benestar social Associacions Infraestructures (Transport) Tarifes Public welfare Associations Transportation buildings Rates |
| title_short |
Social welfare analysis of investment public-private partnership approaches for tansportation projects |
| title_full |
Social welfare analysis of investment public-private partnership approaches for tansportation projects |
| title_fullStr |
Social welfare analysis of investment public-private partnership approaches for tansportation projects |
| title_full_unstemmed |
Social welfare analysis of investment public-private partnership approaches for tansportation projects |
| title_sort |
Social welfare analysis of investment public-private partnership approaches for tansportation projects |
| dc.creator.none.fl_str_mv |
Rouhani, Omid M. Geddes, R. Richard Gao, H. Oliver Bel i Queralt, Germà, 1963- |
| author |
Rouhani, Omid M. |
| author_facet |
Rouhani, Omid M. Geddes, R. Richard Gao, H. Oliver Bel i Queralt, Germà, 1963- |
| author_role |
author |
| author2 |
Geddes, R. Richard Gao, H. Oliver Bel i Queralt, Germà, 1963- |
| author2_role |
author author author |
| dc.subject.none.fl_str_mv |
Benestar social Associacions Infraestructures (Transport) Tarifes Public welfare Associations Transportation buildings Rates |
| topic |
Benestar social Associacions Infraestructures (Transport) Tarifes Public welfare Associations Transportation buildings Rates |
| description |
This paper has two objectives: (1) to introduce a new approach to gaining widespread support for comprehensive road pricing; and (2) to develop a detailed social welfare analysis for road pricing schemes. We first describe a new approach to garnering support for system-wide road pricing, which we refer to as an investment public-private partnership, or IP3. This approach returns a significant portion of the economic value created by road pricing back to its citizen-owners. Next, we present a social welfare framework that estimates the benefits and costs of using the IP3 approach on an urban transportation network. Policy makers typically evaluate public-private partnership (P3) projects using Value for Money (VfM) analysis. However, a P3 project's impact on overall social welfare provides a more comprehensive evaluation criterion. Apart from several theoretical studies, a detailed social welfare analysis that includes all major P3 project stakeholders is lacking. Using Fresno City's transportation system as our case study, we show that system-optimal tolling scenarios favor average users, but that government¿and consequently taxpayers¿would pay for costly tolling systems. In contrast, unlimited profit-maximizing tolls raise substantial profits for government, for the infrastructure's citizen-owners, and for the private sector, but the average user is worse off. From a social welfare perspective, one should search for a Pareto-improvement under which all major stakeholders are better off. Our estimates indicate that a mixed private and public tolling scheme offers such an improvement. A mixed scheme results in the highest social welfare among all scenarios unless the weight placed on motorists' (i.e., transportation users') welfare is very low or the weight placed on residents' welfare is very high relative to the weight of other stakeholders. |
| publishDate |
2016 |
| dc.date.none.fl_str_mv |
2016 2016 2016 2019 |
| dc.type.none.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/acceptedVersion |
| format |
article |
| status_str |
acceptedVersion |
| dc.identifier.none.fl_str_mv |
https://hdl.handle.net/2445/102536 |
| url |
https://hdl.handle.net/2445/102536 |
| dc.language.none.fl_str_mv |
Inglés |
| language_invalid_str_mv |
Inglés |
| dc.relation.none.fl_str_mv |
Versió postprint del document publicat a: http://dx.doi.org/10.1016/j.tra.2015.11.003 Transportation Research Part A: Policy and Practice, 2016, vol. 88, p. 86-103 http://dx.doi.org/10.1016/j.tra.2015.11.003 |
| dc.rights.none.fl_str_mv |
cc-by-nc-nd (c) Elsevier Ltd, 2016 http://creativecommons.org/licenses/by-nc-nd/3.0/es info:eu-repo/semantics/openAccess |
| rights_invalid_str_mv |
cc-by-nc-nd (c) Elsevier Ltd, 2016 http://creativecommons.org/licenses/by-nc-nd/3.0/es |
| eu_rights_str_mv |
openAccess |
| dc.format.none.fl_str_mv |
18 p. application/pdf |
| dc.publisher.none.fl_str_mv |
Elsevier Ltd |
| publisher.none.fl_str_mv |
Elsevier Ltd |
| dc.source.none.fl_str_mv |
Articles publicats en revistes (Econometria, Estadística i Economia Aplicada) reponame:Recercat. Dipósit de la Recerca de Catalunya instname:Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya) |
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Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya) |
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Recercat. Dipósit de la Recerca de Catalunya |
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Recercat. Dipósit de la Recerca de Catalunya |
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1869405029845172224 |
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15.811543 |