Edited by Darrin Grimsey, Partner, Infrastructure Advisory, Ernst & Young, Melbourne, Australia and Mervyn K. Lewis, Emeritus Professor, University of South Australia and Emeritus Fellow, Academy of the Social Sciences in Australia

'A seminal body of work, The Economics of Public Private Partnerships is a welcome addition to the growing body of international economic literature and a core addition to professional and academic library Economic Studies reference collections and supplemental reading lists.'

• Contents:AcknowledgementsIntroduction Darrin Grimsey and Mervyn K. LewisPART ITHE CHANGING MARKET FOR PUBLIC SERVICES 1. Michael B. Gerrard (2001), ‘Public-Private Partnerships’2. Paul Starr (1988), ‘The Meaning of Privatization’3. Christopher Hood (1995), ‘The “New Public Management” in the 1980s: Variations on a Theme’4. Simon Domberger and Stephen Rimmer (1994), ‘Competitive Tendering and Contracting in the Public Sector: A Survey’5. Stephen H. Linder (1999), ‘Coming to Terms With the Public-Private Partnership’PART IITHE PRIVATE FINANCING MODEL 6. G.J. Hodgson (1995), ‘Design and Build – Effects of Contractor Design on Highway Schemes’7. Martin Stewart-Smith (1995), ‘Private Financing and Infrastructure Provision in Emerging Markets’8. Paulina Beato and Antonio Vives (1996), ‘Private-Sector Participation in Infrastructure: Risk, Fiscal, and Efficiency Issues in Public-Private Arrangements for the Provision of Services’9. Eduardo Engel, Ronald Fischer and Alexander Galetovic (1997), ‘Highway Franchising: Pitfalls and Opportunities’PART IIIORGANIZATION OF PPPS 10. A.J. Smith (1999), ‘Philosophical Aspects of the Public/Private Sector Partnership’11. David Campbell and Donald Harris (1993), ‘Flexibility in Long-term Contractual Relationships: The Role of Co-operation’12. J.J.A.M. Reijniers (1994), ‘Organization of Public-Private Partnership Projects: The Timely Prevention of Pitfalls’13. Ronald J. Daniels and Michael J. Trebilcock (1996), ‘Private Provision of Public Infrastructure: An Organizational Analysis of the Next Privatization Frontier’14. Nicholas Gould (1998), ‘Dispute Resolution Mechanisms to Address Unforeseen Circumstances in Long Term BOT Contracts’15. José A. Trujillo, Remy Cohen, Xavier Freixas and Robert Sheehy (1998), ‘Infrastructure Financing with Unbundled Mechanisms’16. A.M. Abdel-Aziz and A.D. Russell (2001), ‘A Structure for Government Requirements in Public-Private Partnerships’17. Oliver Hart (2003), ‘Incomplete Contracts and Public Ownership: Remarks, and an Application to Public-Private Partnerships’18. David Parker and Keith Hartley (2003), ‘Transaction Costs, Relational Contracting and Public Private Partnerships: A Case Study of UK Defence’PART IVTHE UK EXPERIENCE 19. G. Owen and A. Merna (1997), ‘The Private Finance Initiative’20. Paul A. Grout (1997), ‘The Economics of the Private Finance Initiative’21. Michael Klein (1997), ‘The Risk Premium for Evaluating Public Projects’22. John Hall (1998), ‘Private Opportunity, Public Benefit?’23. David J. Mayston (1999), ‘The Private Finance Initiative in the National Health Service: An Unhealthy Development in New Public Management?’24. Amira Mustafa (1999), ‘Public–Private Partnership: An Alternative Institutional Model for Implementing the Private Finance Initiative in the Provision of Transport Infrastructure’25. Paul A. Grout (2003), ‘Public and Private Sector Discount Rates in Public-Private Partnerships’PART VEXPERIENCE ELSEWHERE 26. Joseph E. Stiglitz and Scott J. Wallsten (1999), ‘Public–Private Technology Partnerships: Promises and Pitfalls’27. Paul G. Apen, Brian C. Benicewicz and Joseph R. Laia (1994), ‘A New Model for Public–Private Partnerships’28. Stephen C. Lockwood (1995), ‘Public–Private Partnerships in U.S. Highway Finance: ISTEA and Beyond’29. Anne Larason Schneider (1999), ‘Public–Private Partnerships in the U.S. Prison System’30. David Haarmeyer and Ashoka Mody (1997), ‘Private Capital in Water and Sanitation’31. Anne Ribault (2001), ‘Lessons from the French Experience in Public and Private Partnership’PART VIRISK MANAGEMENT 32. S.C. Ward, C.B. Chapman and B. Curtis (1991), ‘On the Allocation of Risk in Construction Projects’33. Anthony Forshaw (1999), ‘The U.K. Revolution in Public Procurement and the Value of Project Finance’ 34. S. Faruqi and N.J. Smith (1997), ‘Karachi Light Rail Transit: A Private Finance Proposal’35. Raphael Henry Arndt (1998), ‘Risk Allocation in the Melbourne City Link Project’36. Darrin Grimsey and Mervyn K. Lewis (2002), ‘Evaluating the Risks of Public Private Partnerships for Infrastructure Projects’Name Index

Edited by Darrin Grimsey, Partner, Infrastructure Advisory, Ernst & Young, Melbourne, Australia and Mervyn K. Lewis, Emeritus Professor, University of South Australia and Emeritus Fellow, Academy of the Social Sciences in Australia

'A seminal body of work, The Economics of Public Private Partnerships is a welcome addition to the growing body of international economic literature and a core addition to professional and academic library Economic Studies reference collections and supplemental reading lists.'

• Contents:AcknowledgementsIntroduction Darrin Grimsey and Mervyn K. LewisPART ITHE CHANGING MARKET FOR PUBLIC SERVICES 1. Michael B. Gerrard (2001), ‘Public-Private Partnerships’2. Paul Starr (1988), ‘The Meaning of Privatization’3. Christopher Hood (1995), ‘The “New Public Management” in the 1980s: Variations on a Theme’4. Simon Domberger and Stephen Rimmer (1994), ‘Competitive Tendering and Contracting in the Public Sector: A Survey’5. Stephen H. Linder (1999), ‘Coming to Terms With the Public-Private Partnership’PART IITHE PRIVATE FINANCING MODEL 6. G.J. Hodgson (1995), ‘Design and Build – Effects of Contractor Design on Highway Schemes’7. Martin Stewart-Smith (1995), ‘Private Financing and Infrastructure Provision in Emerging Markets’8. Paulina Beato and Antonio Vives (1996), ‘Private-Sector Participation in Infrastructure: Risk, Fiscal, and Efficiency Issues in Public-Private Arrangements for the Provision of Services’9. Eduardo Engel, Ronald Fischer and Alexander Galetovic (1997), ‘Highway Franchising: Pitfalls and Opportunities’PART IIIORGANIZATION OF PPPS 10. A.J. Smith (1999), ‘Philosophical Aspects of the Public/Private Sector Partnership’11. David Campbell and Donald Harris (1993), ‘Flexibility in Long-term Contractual Relationships: The Role of Co-operation’12. J.J.A.M. Reijniers (1994), ‘Organization of Public-Private Partnership Projects: The Timely Prevention of Pitfalls’13. Ronald J. Daniels and Michael J. Trebilcock (1996), ‘Private Provision of Public Infrastructure: An Organizational Analysis of the Next Privatization Frontier’14. Nicholas Gould (1998), ‘Dispute Resolution Mechanisms to Address Unforeseen Circumstances in Long Term BOT Contracts’15. José A. Trujillo, Remy Cohen, Xavier Freixas and Robert Sheehy (1998), ‘Infrastructure Financing with Unbundled Mechanisms’16. A.M. Abdel-Aziz and A.D. Russell (2001), ‘A Structure for Government Requirements in Public-Private Partnerships’17. Oliver Hart (2003), ‘Incomplete Contracts and Public Ownership: Remarks, and an Application to Public-Private Partnerships’18. David Parker and Keith Hartley (2003), ‘Transaction Costs, Relational Contracting and Public Private Partnerships: A Case Study of UK Defence’PART IVTHE UK EXPERIENCE 19. G. Owen and A. Merna (1997), ‘The Private Finance Initiative’20. Paul A. Grout (1997), ‘The Economics of the Private Finance Initiative’21. Michael Klein (1997), ‘The Risk Premium for Evaluating Public Projects’22. John Hall (1998), ‘Private Opportunity, Public Benefit?’23. David J. Mayston (1999), ‘The Private Finance Initiative in the National Health Service: An Unhealthy Development in New Public Management?’24. Amira Mustafa (1999), ‘Public–Private Partnership: An Alternative Institutional Model for Implementing the Private Finance Initiative in the Provision of Transport Infrastructure’25. Paul A. Grout (2003), ‘Public and Private Sector Discount Rates in Public-Private Partnerships’PART VEXPERIENCE ELSEWHERE 26. Joseph E. Stiglitz and Scott J. Wallsten (1999), ‘Public–Private Technology Partnerships: Promises and Pitfalls’27. Paul G. Apen, Brian C. Benicewicz and Joseph R. Laia (1994), ‘A New Model for Public–Private Partnerships’28. Stephen C. Lockwood (1995), ‘Public–Private Partnerships in U.S. Highway Finance: ISTEA and Beyond’29. Anne Larason Schneider (1999), ‘Public–Private Partnerships in the U.S. Prison System’30. David Haarmeyer and Ashoka Mody (1997), ‘Private Capital in Water and Sanitation’31. Anne Ribault (2001), ‘Lessons from the French Experience in Public and Private Partnership’PART VIRISK MANAGEMENT 32. S.C. Ward, C.B. Chapman and B. Curtis (1991), ‘On the Allocation of Risk in Construction Projects’33. Anthony Forshaw (1999), ‘The U.K. Revolution in Public Procurement and the Value of Project Finance’ 34. S. Faruqi and N.J. Smith (1997), ‘Karachi Light Rail Transit: A Private Finance Proposal’35. Raphael Henry Arndt (1998), ‘Risk Allocation in the Melbourne City Link Project’36. Darrin Grimsey and Mervyn K. Lewis (2002), ‘Evaluating the Risks of Public Private Partnerships for Infrastructure Projects’Name Index

Edited by Darrin Grimsey, Partner, Infrastructure Advisory, Ernst & Young, Melbourne, Australia and Mervyn K. Lewis, Emeritus Professor, University of South Australia and Emeritus Fellow, Academy of the Social Sciences in Australia

'A seminal body of work, The Economics of Public Private Partnerships is a welcome addition to the growing body of international economic literature and a core addition to professional and academic library Economic Studies reference collections and supplemental reading lists.'

• Contents:AcknowledgementsIntroduction Darrin Grimsey and Mervyn K. LewisPART ITHE CHANGING MARKET FOR PUBLIC SERVICES 1. Michael B. Gerrard (2001), ‘Public-Private Partnerships’2. Paul Starr (1988), ‘The Meaning of Privatization’3. Christopher Hood (1995), ‘The “New Public Management” in the 1980s: Variations on a Theme’4. Simon Domberger and Stephen Rimmer (1994), ‘Competitive Tendering and Contracting in the Public Sector: A Survey’5. Stephen H. Linder (1999), ‘Coming to Terms With the Public-Private Partnership’PART IITHE PRIVATE FINANCING MODEL 6. G.J. Hodgson (1995), ‘Design and Build – Effects of Contractor Design on Highway Schemes’7. Martin Stewart-Smith (1995), ‘Private Financing and Infrastructure Provision in Emerging Markets’8. Paulina Beato and Antonio Vives (1996), ‘Private-Sector Participation in Infrastructure: Risk, Fiscal, and Efficiency Issues in Public-Private Arrangements for the Provision of Services’9. Eduardo Engel, Ronald Fischer and Alexander Galetovic (1997), ‘Highway Franchising: Pitfalls and Opportunities’PART IIIORGANIZATION OF PPPS 10. A.J. Smith (1999), ‘Philosophical Aspects of the Public/Private Sector Partnership’11. David Campbell and Donald Harris (1993), ‘Flexibility in Long-term Contractual Relationships: The Role of Co-operation’12. J.J.A.M. Reijniers (1994), ‘Organization of Public-Private Partnership Projects: The Timely Prevention of Pitfalls’13. Ronald J. Daniels and Michael J. Trebilcock (1996), ‘Private Provision of Public Infrastructure: An Organizational Analysis of the Next Privatization Frontier’14. Nicholas Gould (1998), ‘Dispute Resolution Mechanisms to Address Unforeseen Circumstances in Long Term BOT Contracts’15. José A. Trujillo, Remy Cohen, Xavier Freixas and Robert Sheehy (1998), ‘Infrastructure Financing with Unbundled Mechanisms’16. A.M. Abdel-Aziz and A.D. Russell (2001), ‘A Structure for Government Requirements in Public-Private Partnerships’17. Oliver Hart (2003), ‘Incomplete Contracts and Public Ownership: Remarks, and an Application to Public-Private Partnerships’18. David Parker and Keith Hartley (2003), ‘Transaction Costs, Relational Contracting and Public Private Partnerships: A Case Study of UK Defence’PART IVTHE UK EXPERIENCE 19. G. Owen and A. Merna (1997), ‘The Private Finance Initiative’20. Paul A. Grout (1997), ‘The Economics of the Private Finance Initiative’21. Michael Klein (1997), ‘The Risk Premium for Evaluating Public Projects’22. John Hall (1998), ‘Private Opportunity, Public Benefit?’23. David J. Mayston (1999), ‘The Private Finance Initiative in the National Health Service: An Unhealthy Development in New Public Management?’24. Amira Mustafa (1999), ‘Public–Private Partnership: An Alternative Institutional Model for Implementing the Private Finance Initiative in the Provision of Transport Infrastructure’25. Paul A. Grout (2003), ‘Public and Private Sector Discount Rates in Public-Private Partnerships’PART VEXPERIENCE ELSEWHERE 26. Joseph E. Stiglitz and Scott J. Wallsten (1999), ‘Public–Private Technology Partnerships: Promises and Pitfalls’27. Paul G. Apen, Brian C. Benicewicz and Joseph R. Laia (1994), ‘A New Model for Public–Private Partnerships’28. Stephen C. Lockwood (1995), ‘Public–Private Partnerships in U.S. Highway Finance: ISTEA and Beyond’29. Anne Larason Schneider (1999), ‘Public–Private Partnerships in the U.S. Prison System’30. David Haarmeyer and Ashoka Mody (1997), ‘Private Capital in Water and Sanitation’31. Anne Ribault (2001), ‘Lessons from the French Experience in Public and Private Partnership’PART VIRISK MANAGEMENT 32. S.C. Ward, C.B. Chapman and B. Curtis (1991), ‘On the Allocation of Risk in Construction Projects’33. Anthony Forshaw (1999), ‘The U.K. Revolution in Public Procurement and the Value of Project Finance’ 34. S. Faruqi and N.J. Smith (1997), ‘Karachi Light Rail Transit: A Private Finance Proposal’35. Raphael Henry Arndt (1998), ‘Risk Allocation in the Melbourne City Link Project’36. Darrin Grimsey and Mervyn K. Lewis (2002), ‘Evaluating the Risks of Public Private Partnerships for Infrastructure Projects’Name Index