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Based on the game theory, this paper formulates the concession agreement as an incomplete contract model to investigate the effects of different ownership structures on the efficiency of Build-Operate-Transfer (BOT) project. If the ownership is attributed to the private sector, it has stronger incentive to engage in cost reduction investment. However, the moral hazard arises from the incompleteness...
This paper examines the possibility of contractual breach in BOT projects. The main advantage of BOT Scheme is that payoff externality can be internalized through bundling construction and management operations. However, the efficiency of BOT contract is flawed if private company with limited liability intentionally cancels the concession contract. The paper also investigates the deposit policy to...
This paper formulates the BOT concession agreement as an incomplete contract model to analyze the inefficient problems arising from the collusion between government inspector and project company. The main advantage of BOT project is that the cost externalities could be internalized in the form of consigning both construction and operation to the project company. However, the moral hazard is caused...
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