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"https://www.academia.edu/login?post_login_redirect_url=https%3A%2F%2Fwww.academia.edu%2F96630919%2FSharing_the_Big_Risk_Assessment_Framework_for_Revenue_Risk_Sharing_Mechanisms_in_Transportation_Public_Private_Partnerships%3Fshow_translation%3Dtrue"; window.loswp.previewableAttachments = [{"id":98475836,"identifier":"Attachment_98475836","shouldShowBulkDownload":false}]; window.loswp.shouldDetectTimezone = true; window.loswp.shouldShowBulkDownload = true; window.loswp.showSignupCaptcha = false window.loswp.willEdgeCache = false; window.loswp.work = {"work":{"id":96630919,"created_at":"2023-02-09T16:46:01.516-08:00","from_world_paper_id":227310516,"updated_at":"2024-11-24T06:48:28.238-08:00","_data":{"publisher":"American Society of Civil Engineers (ASCE)","grobid_abstract":"A number of toll roads delivered via PPPs have encountered financial distress due to revenue risk with traffic levels significantly lower than those forecasts in recent years. As a result, there has been a shift in PPP road procurements to models in which the government retains some or all of the demand risk for the project, instead of the concessionaire. A tangible framework to guide governments' decisions in choosing among financial support mechanisms in allocating revenue risks is thus a relevant development for policymakers. This paper proposes a framework to evaluate fiscal support alternatives by comparing the marginal leverage they enable a project to take and the level of financial exposure they allocate to the procuring government. A quantitative methodology is developed that defines inputs and measurable indicators, and also incorporates stochastic modeling and simulation techniques designed for use at an early stage of project planning. The results of a numerical case study demonstrate that flexible term procurement does little to increase project leverage, minimum revenue guarantee is most applicable to projects with significant revenue volatility, while availability payment procurement is more applicable to projects that are projected to have a lower volatility and lower mean revenue relative to their capital investment.","publication_date":"2017,,","publication_name":"Journal of Construction Engineering and Management","grobid_abstract_attachment_id":"98475836"},"document_type":"paper","pre_hit_view_count_baseline":null,"quality":"high","language":"en","title":"Sharing the Big Risk: Assessment Framework for Revenue Risk Sharing Mechanisms in Transportation Public-Private Partnerships","broadcastable":true,"draft":null,"has_indexable_attachment":true,"indexable":true}}["work"]; window.loswp.workCoauthors = [54086299]; window.loswp.locale = "en"; window.loswp.countryCode = "SG"; window.loswp.cwvAbTestBucket = ""; 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Different institutional mechanisms that have been developed—including revenue earmarking, dedicated road/transportation funds, and public-private partnerships (PPPs)— have pushed back traditional financing from annual budget allocations. In many instances, these mechanisms have been motivated by tight government budgets and a desire to circumvent restrictions and controls that apply to traditional financing. These new financing mechanisms have given rise to fiscal risks due to several factors. Some of these factors include an increased fragmentation of the budget planning process by creating off-budget or extrabudgetary entities, and/or contingent liabilities for the public sector. Risks from these factors have, in many cases, been compounded by the lack of appropriate institutional arrangements within the public sector to identify, quantify, and manage the complexities involved in new financing mechanisms. 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To fill the fiscal gap, public-private partnerships (PPP) framework has been applied as a promising mechanism. The success of PPP projects, however, is significantly influenced by a number of critical factors. Therefore, an optimum and comprehensive evaluation of projects, reflecting critical risks, supporting investment decisions, has been highly demanded by both the public and private sector. Various works, in previous studies, have been spreading scientific models assessing risks in the construction industry, and some of them focused on the area of PPP. However, the majority of published methods just concentrated on addressing and leveling risks, and there is a lack of application in evaluating and comparing different PPP projects, as investment options, with regards to key issues. Hence, in the situation of limited budget, the public and private partners may struggle with deciding the most potential alternative. To overcome this real-world challenge, this paper, by proposing a mathematical model, attempts to optimize investment selection by evaluating different projects' riskiness with the focus on transport projects. Different actual PPP transport projects in Vietnam were employed as case studies to analyze the practicality of the proposed application.</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Optimizing Investment Selection for PPP Framework in the Transport Sector: A Risk Perspective","attachmentId":68613711,"attachmentType":"pdf","work_url":"https://www.academia.edu/50742229/Optimizing_Investment_Selection_for_PPP_Framework_in_the_Transport_Sector_A_Risk_Perspective","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/50742229/Optimizing_Investment_Selection_for_PPP_Framework_in_the_Transport_Sector_A_Risk_Perspective"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="7" data-entity-id="14235425" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/14235425/Public_Private_Partnerships_and_Other_Successful_Mechanisms_for_Financing_Roads_Bridges_and_Tunnels">Public-Private Partnerships and Other Successful Mechanisms for Financing Roads, Bridges and Tunnels</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="33208040" href="https://worldbank.academia.edu/CesarQueiroz">Cesar Queiroz</a></div><div 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