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Publication

Optimal subsidies and guarantees in public-private partnerships

Title
Optimal subsidies and guarantees in public-private partnerships
Type
Article in International Scientific Journal
Year
2012
Authors
Armada, Manuel R
(Author)
Other
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Artur J. Rodrigues
(Author)
Other
The person does not belong to the institution. The person does not belong to the institution. The person does not belong to the institution. Without AUTHENTICUS Without ORCID
Journal
Vol. 18 No. 5
Pages: 469-495
ISSN: 1351-847X
Publisher: Taylor & Francis
Indexing
Scientific classification
FOS: Social sciences > Economics and Business
Other information
Authenticus ID: P-002-GAR
Abstract (EN): In this paper, we analyse how certain subsidies and guarantees given to private firms in public-private partnerships should be optimally arranged to promote immediate investment in a real options framework. We show how an investment subsidy, a revenue subsidy, a minimum demand guarantee, and a rescue option could be optimally arranged to induce immediate investment, compensating for the value of the option to defer. These four types of incentives produce significantly different results when we compare the value of the project after the incentive structure is devised and also when we compare the timing of the resulting cash flows.
Language: English
Type (Professor's evaluation): Scientific
No. of pages: 27
Documents
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