Desirability rating analysis for debt financing of public–private partnership road projects
TL;DR: Public-private partnership (PPP) road projects are highly leveraged capital-intensive projects as discussed by the authors, which is why the major portion of the financing in the form of debt instruments is provided by banks.
Abstract: Public–private partnership (PPP) road projects are highly leveraged capital‐intensive projects. Lenders, which provide the major portion of financing in the form of debt instruments, undertake loan...
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Book•
01 Aug 1996
TL;DR: Fuzzy sets as mentioned in this paper are a class of classes in which there may be grades of membership intermediate between full membership and non-membership, i.e., a fuzzy set is characterized by a membership function which assigns to each object its grade of membership.
Abstract: The notion of fuzziness as defined in this paper relates to situations in which the source of imprecision is not a random variable or a stochastic process, but rather a class or classes which do not possess sharply defined boundaries, e.g., the “class of bald men,” or the “class of numbers which are much greater than 10,” or the “class of adaptive systems,” etc. A basic concept which makes it possible to treat fuzziness in a quantitative manner is that of a fuzzy set, that is, a class in which there may be grades of membership intermediate between full membership and non-membership. Thus, a fuzzy set is characterized by a membership function which assigns to each object its grade of membership (a number lying between 0 and 1) in the fuzzy set. After a review of some of the relevant properties of fuzzy sets, the notions of a fuzzy system and a fuzzy class of systems are introduced and briefly analyzed. The paper closes with a section dealing with optimization under fuzzy constraints in which an approach to...
885 citations
TL;DR: Adequate assessment of risk is essential to assist the stakeholders in planning for efficient risk allocation and mitigation and to ensure success in business and projects as discussed by the authors, however, it is p....
Abstract: Adequate assessment of risk is essential to assist the stakeholders in planning for efficient risk allocation and mitigation and to ensure success in business and projects. However, it is p...
34 citations
Dissertation•
18 Aug 2010
TL;DR: In this paper, the authors explored the key contract strategies of toll pricing, concession length, and risk mitigation for privately-financed toll roads throughout their lifecycle and provided guidance for structuring PPP contracts based on the desired pricing objectives.
Abstract: With its central role in the development of public-private partnership (PPP) contracts, procurement structure has a significant influence on the economic and policy success of privately-financed toll roads throughout their lifecycle. Following a review of PPP fundamentals and the public-policy differentiation between public interest and public objectives, several approaches for establishing the key contract strategies of toll pricing, concession length, and risk mitigation are explored. These underpinnings motivate the central research question: Given specific policy objectives for road pricing, how should public owners select PPP contract strategies which support these outcomes? Through qualitative comparative analysis (QCA), a recently-developed method for evaluating qualitative data quantitatively, patterns of PPP contract strategies which correspond to three common policy objectives—achieving a specific toll rate, managing congestion, and minimizing state subsidy/maximizing revenue—are identified through evaluation of 18 domestic and international projects. Three practical decision-making tools resulting from this work are illustrated through application to current PPP procurements: (1) a traffic-risk worksheet, which provides a rapid estimate of a toll-financed project’s viability; (2) analytical QCA results, which offer guidance for structuring PPP contracts based on the desired pricing objectives; and (3) caselibrary comparisons, which enable drawing parallels between proposed procurements and established PPP projects. Additional insights explore the nature of risk in this study, which concludes with thoughts on the appropriate role of PPPs in infrastructure delivery.
28 citations
Additional excerpts
...Topic References Project selection and viability assessment (Ashley et al. 1998); (Chen et al. 2001); (Laishram and Kalidindi 2009); (Ock and Han 2002); (Ock et al. 2005); (Ranasinghe 1999); (Ribeiro et al. 2003); (Roco 2005); (Salman et al. 2007); (Tsamboulas et al. 2000); (Wibowo 2005) Bidding…...
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13 Mar 2019
TL;DR: In this paper, a review of the PPP literature quantitatively and qualitatively, in order to establish challenge themes and set research directions, is presented, where the challenges related to financial management, concession period and price determination, operational phase, risk management, PPP project procurement and stakeholder management are identified.
Abstract: Purpose
Public private partnerships (PPPs) face challenges in implementation and operation, and need efforts to improve their performance. The purpose of this paper is to review the PPP literature quantitatively and qualitatively, in order to establish challenge themes and set research directions.
Design/methodology/approach
More than 4,000 papers published between 2008 and 2017 were retrieved. From this collection, papers from five major international journals were selected to explore extant PPP research findings under six main PPP challenges including: challenges related to financial management, concession period and price determination, operational phase, risk management, PPP project procurement and stakeholder management (SM). Initially, the papers were categorised quantitatively into the identified challenges and subsequently the articles were qualitatively analysed and discussed.
Findings
Poor SM, the complexity of risk management models, project delivery time and cost overruns, inadequate consideration of whole life-cycle aspects and over-reliance on a Public Sector Comparator for evaluating PPPs are found to be the most commonly encountered issues. These all warrant more extensive attention and innovative solutions.
Practical implications
PPP projects have faced many challenges in practice and also existing research findings have limited application in practice. Challenges highlighted in this research can be a focus area in practice to improve the performance of PPPs.
Originality/value
No previous reviews have explored the challenges relating to PPP projects and how they can then addressed by further studies in the field. This review is intended to address that gap, and should help to shed light on further research directions to address the emerging challenges in PPP procurement.
24 citations
TL;DR: This work identifies four main areas of research interest which constitute the majority of published works between 2009 and 2013, and focuses on Contractual arrangements and the legal framework of project finance, project risk measurement and project selection methods, and Globalization of project development and public sector co-operation.
24 citations
References
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Book•
01 Oct 1984
TL;DR: In this article, buku ini mencakup lebih dari 50 studi kasus, memberikan perhatian untuk analisis kuantitatif, membahas lebah lengkap penggunaan desain metode campuran penelitian, and termasuk wawasan metodologi baru.
Abstract: Buku ini menyediakan sebuah portal lengkap untuk dunia penelitian studi kasus, buku ini menawarkan cakupan yang luas dari desain dan penggunaan metode studi kasus sebagai alat penelitian yang valid. Dalam buku ini mencakup lebih dari 50 studi kasus, memberikan perhatian untuk analisis kuantitatif, membahas lebih lengkap penggunaan desain metode campuran penelitian, dan termasuk wawasan metodologi baru.
78,012 citations
Book•
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01 Aug 1996
TL;DR: A separation theorem for convex fuzzy sets is proved without requiring that the fuzzy sets be disjoint.
Abstract: A fuzzy set is a class of objects with a continuum of grades of membership. Such a set is characterized by a membership (characteristic) function which assigns to each object a grade of membership ranging between zero and one. The notions of inclusion, union, intersection, complement, relation, convexity, etc., are extended to such sets, and various properties of these notions in the context of fuzzy sets are established. In particular, a separation theorem for convex fuzzy sets is proved without requiring that the fuzzy sets be disjoint.
52,705 citations
Book•
01 Jan 1970TL;DR: A reverse-flow technique is described for the solution of a functional equation arising in connection with a decision process in which the termination time is defined implicitly by the condition that the process stops when the system under control enters a specified set of states in its state space.
Abstract: By decision-making in a fuzzy environment is meant a decision process in which the goals and/or the constraints, but not necessarily the system under control, are fuzzy in nature. This means that the goals and/or the constraints constitute classes of alternatives whose boundaries are not sharply defined.
An example of a fuzzy constraint is: “The cost of A should not be substantially higher than α,” where α is a specified constant. Similarly, an example of a fuzzy goal is: “x should be in the vicinity of x0,” where x0 is a constant. The italicized words are the sources of fuzziness in these examples.
Fuzzy goals and fuzzy constraints can be defined precisely as fuzzy sets in the space of alternatives. A fuzzy decision, then, may be viewed as an intersection of the given goals and constraints. A maximizing decision is defined as a point in the space of alternatives at which the membership function of a fuzzy decision attains its maximum value.
The use of these concepts is illustrated by examples involving multistage decision processes in which the system under control is either deterministic or stochastic. By using dynamic programming, the determination of a maximizing decision is reduced to the solution of a system of functional equations. A reverse-flow technique is described for the solution of a functional equation arising in connection with a decision process in which the termination time is defined implicitly by the condition that the process stops when the system under control enters a specified set of states in its state space.
6,919 citations
"Desirability rating analysis for de..." refers methods in this paper
...Fuzzy set theory provides a useful tool to deal with decision making in a fuzzy environment (Bellman and Zadeh, 1970)....
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...Fuzzy integral based approach Fuzzy set theory provides a useful tool to deal with decision making in a fuzzy environment (Bellman and Zadeh, 1970)....
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Book•
01 Jan 2011
TL;DR: This book effectively constitutes a detailed annotated bibliography in quasitextbook style of the some thousand contributions deemed by Messrs. Dubois and Prade to belong to the area of fuzzy set theory and its applications or interactions in a wide spectrum of scientific disciplines.
Abstract: (1982). Fuzzy Sets and Systems — Theory and Applications. Journal of the Operational Research Society: Vol. 33, No. 2, pp. 198-198.
5,861 citations
TL;DR: A study on the steps to follow in linguistic decision analysis is presented in a context of multi-criteria/multi-person decision making.
1,522 citations
"Desirability rating analysis for de..." refers background in this paper
...The terms are defined based on ordered structure and their meanings are based on the mixed semantic of fuzzy sets and ordered structure of the linguistic term sets (Herrera and Herrera-Viedma, 2000)....
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