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Cardin, M-A (2011) Quantitative performance-based evaluation of a procedure for flexible design concept generation, Unpublished PhD Thesis, , Massachusetts Institute of Technology.

Chiang, R (2002) Agency and incentive contract in private investment of transport project: An exploration of fundamental relationships, Unpublished PhD Thesis, , Massachusetts Institute of Technology.

Garvin, M J (2001) Strategic indicators for characterization of water system infrastructure and management, Unpublished PhD Thesis, , Massachusetts Institute of Technology.

Kristinsdottir, A (2012) Risks and decision making in development of new power plant projects, Unpublished PhD Thesis, , Massachusetts Institute of Technology.

Kua, H W (2006) The design of effective policies for the promotion of sustainable construction materials, Unpublished PhD Thesis, , Massachusetts Institute of Technology.

Lee, S (2006) Dynamic planning and control methodology: Understanding and managing iterative error and change cycles in large-scale concurrent design and construction projects, Unpublished PhD Thesis, , Massachusetts Institute of Technology.

Miller, J B (1995) Aligning infrastructure development strategy to meet current public needs, Unpublished PhD Thesis, , Massachusetts Institute of Technology.

Minelli, P (2020) Improved methods for managing megaprojects, Unpublished PhD Thesis, , Massachusetts Institute of Technology.

Moret, Y (2011) Modeling cost and time uncertainty in rail line construction, Unpublished PhD Thesis, , Massachusetts Institute of Technology.

Park, M (2001) Dynamic planning and control methodology for large-scale concurrent construction projects, Unpublished PhD Thesis, , Massachusetts Institute of Technology.

Slaughter, E S (1991) Rapid innovation and integration of components: Comparison of user and manufacturer innovations through a study of residential construction, Unpublished PhD Thesis, , Massachusetts Institute of Technology.

Sousa, R L (2010) Risk analysis for tunneling projects, Unpublished PhD Thesis, , Massachusetts Institute of Technology.

Taylor, D D J (2018) Tools for managing intermittent water supplies, Unpublished PhD Thesis, , Massachusetts Institute of Technology.

Tsai, I T (2007) Default and renegotiation: Financial structure and incentive in public-private partnership contracts, Unpublished PhD Thesis, , Massachusetts Institute of Technology.

• Type: Thesis
• Keywords: uncertainty; performance bond; replacement; capital investment; capital structure; financing; investment; partnership; public-private partnership
• ISBN/ISSN:
• URL: https://www.proquest.com/docview/304746265
• Abstract:
  This research explores the functional relationship between financial structure and agent's cost-reducing effort in the realm of public-private-partnership (PPP) contracting. I consider a canonical contracting problem where incomplete financial provisions are used to govern the execution of a project that involves uncertain cost. The existing literature shows that debt (as opposed to external equity) is the better financing alternative in terms of effort induction. I show, on the other hand, that internal equity (as opposed to debt) is the better financing alternative for effort induction when the parties are allowed to achieve ex post Pareto improvement through self-enforcement, renegotiation, and replacement. Under the assumptions that the consumer surplus is always greater than the realized cost, and that the social cost of public funds (the tax rate) is greater than the private agent's cost of capital, I show that: (1) Ex ante capital structure and control rights regime jointly determine the equilibrium game form of the contract (the agent's effort level and the uncertainty of cost don't matter). (2) The agent's optimal cost-reducing effort is determined by a hold-up factor and a self-enforcement factor. The former is a strict disincentive to the agent's effort, whereas the latter can be an incentive or a disincentive to the agent's effort depending on the capital structure of the contract. (3) For any given initial capital investment, the agent's optimal cost-reducing effort decreases with the magnitude of debt. (4) For any given initial capital investment, the agent's optimal cost-reducing effort increases with the magnitude of a performance bond when the contract is one with no positive self-enforcement effect. The theoretical result is consistent with the conventional wisdom that internal equity and performance bond generally enhance the agent's devotion to a PPP contractual relationship. This research also contributes a (subjective) PPP contract valuation method that takes into account the underlying agency problem. (Copies available exclusively from MIT Libraries, Rm. 14-0551, Cambridge, MA 02139-4307. Ph. 617-253-5668; Fax 617-253-1690.)

Viteri, V R (2003) Experiential learning environments for structural behavior, Unpublished PhD Thesis, , Massachusetts Institute of Technology.

Wang, M-T (1989) Knowledge processing for a construction management database, Unpublished PhD Thesis, , Massachusetts Institute of Technology.

Wooldridge, S C (2002) Balancing capital and condition: An emerging approach to facility investment strategy, Unpublished PhD Thesis, , Massachusetts Institute of Technology.

Yan, S (1992) Intermodal pricing and operations using network flow techniques, Unpublished PhD Thesis, , Massachusetts Institute of Technology.