The effect of the discount rate in highway concessions awarded under the LPVR approach.

Vassallo Magro, José Manuel (2010). The effect of the discount rate in highway concessions awarded under the LPVR approach.. En: "12th World Conference on Transport Research 2010", 11/07/2010 - 15/07/2010, Lisboa, Portugal.

Descripción

Título: The effect of the discount rate in highway concessions awarded under the LPVR approach.
Autor/es:
  • Vassallo Magro, José Manuel
Tipo de Documento: Ponencia en Congreso o Jornada (Artículo)
Título del Evento: 12th World Conference on Transport Research 2010
Fechas del Evento: 11/07/2010 - 15/07/2010
Lugar del Evento: Lisboa, Portugal
Título del Libro: Proceedings of the 12th World Conference on Transport Research 2010
Fecha: 2010
Materias:
Escuela: E.T.S.I. Caminos, Canales y Puertos (UPM)
Departamento: Ingeniería Civil: Transportes [hasta 2014]
Licencias Creative Commons: Reconocimiento - Sin obra derivada - No comercial

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Resumen

Flexible-term highway concessions are becoming quite popular around the world as a means of mitigating the traffic risk ultimately allocated to the concessionaire. The most sophisticated mechanism within flexible-term concession approaches is the Least Present Value of the Revenues (LPVR). This mechanism consists of awarding the concession to the bidder who offers the least present value of the revenues discounted at a discount rate fixed by the government in the contract. Consequently, the concession will come to an end when the present value of the revenues initially requested has been eventually reached. The aim of this paper is to evaluate the effect that the discount rate established by the government in the bidding terms has on the traffic-risk profile ultimately allocated to the concessionaire. To analyse this effect, a mathematical model is developed in order to obtain the results. I found that the lower the discount rate the larger will be the traffic risk allocated to the concessionaire. Moreover, I found that, if a maximum term is established in the contract, the lower the discount rate, the less skewed towards the downside will be the traffic risk profile allocated to the concessionaire.

Más información

ID de Registro: 7396
Identificador DC: http://oa.upm.es/7396/
Identificador OAI: oai:oa.upm.es:7396
URL Oficial: http://intranet.imet.gr/Portals/0/UsefulDocuments/int_04_papers_authorindex.html
Depositado por: Memoria Investigacion
Depositado el: 09 Jun 2011 17:43
Ultima Modificación: 20 Abr 2016 16:31
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