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Keywords = concession agreements

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16 pages, 600 KiB  
Article
The Making of the Land Heritage of Religious Missions: A Legacy Between Land Sanctuarization, Ecclesiastical Governmentality, and Territorial (Re)Configurations in Central Africa
by Joël Baraka Akilimali
Heritage 2025, 8(7), 282; https://doi.org/10.3390/heritage8070282 - 18 Jul 2025
Viewed by 338
Abstract
The making of a land patrimony for the benefit of religious missions is profoundly linked to territorial construction in the colonies but is rarely examined from the angle of ecclesiastical governmentality over the ceded lands. This analysis highlights three complementary processes for understanding [...] Read more.
The making of a land patrimony for the benefit of religious missions is profoundly linked to territorial construction in the colonies but is rarely examined from the angle of ecclesiastical governmentality over the ceded lands. This analysis highlights three complementary processes for understanding the role of religious mission land heritage in territorial reconfigurations. First, this article examines the process of “land sanctuarization”, which materializes territorial anchoring through the crystallization of land rights granted to religious missions over customary lands previously presumed to be “vacant”. Next, it explores the formation of an “ecclesiastical dominium”, manifested in the dismantling of state missions and their free transfer, explicit or tacit, to religious missions under concession or agreement regimes. This reveals the exercise of state power over the land heritage of religious missions, positioning them as structuring axes and administrative intermediaries for public services, thus giving rise to an ecclesiastical governmentality that drives territorial production and reconfiguration. Finally, postcolonial dynamics reveal the resurgence of new spatial polarities shaped by the complexity of evolving religious actors along the center–periphery axis of a recomposing territorialization. This study underscores the importance of a transversal approach to better govern the land legacies of religious missions, fostering a pluralistic reterritorialization of postcolonial societies in central Africa. Full article
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18 pages, 840 KiB  
Entry
Airport Retail Market Power: A Performance Assessment Framework on Business Success and Regional Retail Market Characteristics
by Aristi Karagkouni
Encyclopedia 2025, 5(2), 66; https://doi.org/10.3390/encyclopedia5020066 - 19 May 2025
Viewed by 1118
Definition
This entry proposes an integrative approach to assessing market power in airport retail environments that highlights the impact of strategic and operational factors on the performance of the enterprise in a regulated and restrictive commercial environment. Using the Analytic Hierarchy Process (AHP), this [...] Read more.
This entry proposes an integrative approach to assessing market power in airport retail environments that highlights the impact of strategic and operational factors on the performance of the enterprise in a regulated and restrictive commercial environment. Using the Analytic Hierarchy Process (AHP), this entry discerns and quantifies important factors determining market power using weights that include price flexibility, consumer conduct, brand value, technological uptake rate, and barriers to entry. To support this qualitative analysis, this entry combines a quantitative countervailing power model (CPA/E) and a market penetration model (MPE/A) to determine the levels of retailer penetration in airport authorities and passenger markets. The integration of these models makes it possible to perform a multivariate analysis of market domination, geographical interdependence, and bargaining power. The findings highlight the configurational complexity in strategic positioning in terms of organizational size, dependence levels, and digital preparedness and provide actionable information for airport managers, concession planners, and policymakers determined to maximize lease deals and improve commercial performance in the face of changing risk profiles. Full article
(This article belongs to the Collection Encyclopedia of Entrepreneurship in the Digital Era)
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27 pages, 20269 KiB  
Article
Public-Private Partnerships in Urban Regeneration Projects: The Brazilian Context and the Case of “Porto Maravilha” in Rio de Janeiro
by Paula Vale de Paula, Rui Cunha Marques and Jorge Manuel Gonçalves
Land 2025, 14(5), 1055; https://doi.org/10.3390/land14051055 - 13 May 2025
Viewed by 1021
Abstract
Urban regeneration projects have been part of urban planning in different cities to recover strategic areas and combat new land consumption. Often, Public-Private Partnerships (PPPs) agreements are signed to meet the demands of these projects. In the Brazilian context, the general PPP law [...] Read more.
Urban regeneration projects have been part of urban planning in different cities to recover strategic areas and combat new land consumption. Often, Public-Private Partnerships (PPPs) agreements are signed to meet the demands of these projects. In the Brazilian context, the general PPP law classifies concessions into two types: sponsored concessions or administrative concessions. Urban regeneration projects in the Brazilian context can be carried out through different policies and instruments, such as those in the City Statute. Despite this, there are several obstacles in how these practices are developed, which require greater attention to the enabling environment and the Critical Success Factors (CSFs) that can improve the performance of these public procurement practices. Based on this, this study aims to analyze the Brazilian context of PPP arrangements in urban regeneration projects and the specific case of the “Porto Maravilha” in Rio de Janeiro. To this scope, the study adopts a previously established CSF framework. The data analyzed are derived from secondary sources obtained through documentation collection and primary sources obtained through interviews. Regarding the PPP process, the results indicate financial and execution problems. Concerning the project, which remains unfinished, the results point to a transformation of the port area, but with significant social impacts. Full article
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27 pages, 781 KiB  
Article
Redefining Port Concession Agreements: A Framework for Environmental Sustainability
by Charalampos Platias, Constantinos Chlomoudis, Petros Pallis, Markos Tozidis and Virginia Zarakeli
Sustainability 2025, 17(6), 2550; https://doi.org/10.3390/su17062550 - 14 Mar 2025
Viewed by 1211
Abstract
This paper investigates the integration of environmental sustainability into port concession agreements, addressing mounting environmental challenges and the increasing emphasis on sustainability. Traditionally shaped by economic considerations, these agreements now require a more integrated approach that incorporates environmental sustainability as a core principle. [...] Read more.
This paper investigates the integration of environmental sustainability into port concession agreements, addressing mounting environmental challenges and the increasing emphasis on sustainability. Traditionally shaped by economic considerations, these agreements now require a more integrated approach that incorporates environmental sustainability as a core principle. The objective is to identify essential environmental requirements that should be embedded in these agreements to drive significant environmental progress in port operations and development. The methodology includes a comprehensive literature review and an empirical analysis of available concession agreements and reference texts, systematically categorizing critical environmental parameters and performance indicators. The key findings highlight the need for port concession agreements to extend beyond regulatory compliance by incorporating proactive sustainability strategies, imposing clear obligations on concessionaires, and defining relevant key performance indicators (KPIs) for effective monitoring. While awareness of environmental impacts in port concession agreements is increasing, significant progress is still needed to fully integrate sustainability into these frameworks. This paper advocates for a shift toward innovative, forward-thinking approaches that align with both environmental and market realities. Full article
(This article belongs to the Section Environmental Sustainability and Applications)
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19 pages, 1012 KiB  
Article
Effects of Regional Comprehensive Economic Partnership Entry into Force on Aquatic Products Trade Among Parties
by Fei Xue, Tinggui Chen and Minghao Xu
Sustainability 2024, 16(23), 10620; https://doi.org/10.3390/su162310620 - 4 Dec 2024
Cited by 1 | Viewed by 2150
Abstract
Asia accounted for 167.1 million tons of global fisheries and aquaculture production, 75 percent of the world’s total. Seafood, especially aquaculture products, is a dominant and growing sector and crucial in the Asia-Pacific region for ensuring global food security, supporting sustainable livelihoods, reducing [...] Read more.
Asia accounted for 167.1 million tons of global fisheries and aquaculture production, 75 percent of the world’s total. Seafood, especially aquaculture products, is a dominant and growing sector and crucial in the Asia-Pacific region for ensuring global food security, supporting sustainable livelihoods, reducing poverty for small-scale fisheries, and promoting environmental sustainability. However, amidst the current backdrop of the World Trade Organization (WTO)‘s inefficiency and dysfunctional mechanism, coupled with a slowdown in global economic growth and the resurgence of trade unilateralism and protectionism, these challenges have created significant barriers to trade, limiting market access and hindering the sustainable growth of the seafood industry. The implementation of the Regional Comprehensive Economic Partnership (RCEP) offers Asia-Pacific economies a promising opportunity to expand trade and stimulate economic growth sustainably. In this study, we aim to provide a comprehensive overview of the potential effects of the RCEP on aquatic products trade among the parties. A key marginal contribution in our study is that we adjusted the existing tariff rates under other FTAs to the same period as tariff rates under RCEP and compared the concession rates between these different FTAs to clearly illustrate the potential tariff effects of RCEP. On the non-tariff side, we analyze specific provisions in the RCEP agreement that could potentially affect aquatic products trade and evaluate their possible impacts. The results showed that, as of 2022, in almost all RCEP parties, the average tariffs under the RCEP agreement are generally higher than those under other existing FTAs, which indicates that the tariff concession efforts under RCEP are limited for most parties. However, due to certain progressiveness compared to other FTAs in terms of its provisions on non-tariff measures, such as rules of origin, sanitary and phytosanitary measures (SPS) regulations, etc., RCEP has the potential to benefit a broader range of countries and products, making market access more convenient and inclusive for the seafood industry. Full article
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16 pages, 693 KiB  
Article
Optimizing Concession Agreement Terms and Conditions: Stakeholder Interest Alignment in the Petrochemical Sector
by Tatyana Ponomarenko, Ilya Gorbatyuk, Sergey Galevskiy and Evgenii Marin
J. Risk Financial Manag. 2024, 17(6), 231; https://doi.org/10.3390/jrfm17060231 - 1 Jun 2024
Cited by 2 | Viewed by 1898
Abstract
This article is devoted to the examination of models and the selection of optimal parameters for concession agreements pertaining to construction and operation projects within the pipeline infrastructure of the petrochemical sector. Pipelines are underscored as capital-intensive assets crucial for the organization of [...] Read more.
This article is devoted to the examination of models and the selection of optimal parameters for concession agreements pertaining to construction and operation projects within the pipeline infrastructure of the petrochemical sector. Pipelines are underscored as capital-intensive assets crucial for the organization of complex petrochemical production processes. These processes play a vital role in generating added value, tax revenue, employment opportunities, and fostering territorial development while upholding environmental quality standards. This study aims to ascertain the economic parameters of concession agreements, with a focus on achieving a balance of economic interests between the government and businesses. Through a comparative analysis of fundamental economic and mathematical models of concession agreements, the authors model economic parameters to determine the government’s share in investments and concession fees concerning pipeline projects. Subsequently, an oil product pipeline project is discussed as a case study. The results gleaned from this analysis can be harnessed to optimize the parameters of concession agreements and enhance the economic efficiency of project implementation. Economically viable parameters not only facilitate the execution of concession agreements but also foster the generation of added value, social benefits, and environmental oversight, thus aligning with the principles of sustainable development. Full article
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12 pages, 815 KiB  
Article
The Collaboration of Private Hospitals with the Public Health Service: The Case of La Rioja, Spain (1986–2019)
by María Teresa Jiménez-Buñuales, Pilar León-Sanz, Paulino González-Diego and Leonor González-Menorca
Healthcare 2024, 12(10), 990; https://doi.org/10.3390/healthcare12100990 - 11 May 2024
Cited by 1 | Viewed by 2155
Abstract
In Spain, the public National Health Service provides care to Spaniards and other residents and is tailored for a decentralized state of autonomies. Each Autonomous Community has legislative capacity in its organization and management. We study the case of the collaboration between private [...] Read more.
In Spain, the public National Health Service provides care to Spaniards and other residents and is tailored for a decentralized state of autonomies. Each Autonomous Community has legislative capacity in its organization and management. We study the case of the collaboration between private hospitals and the public health service in La Rioja, an Autonomous Community of Spain located in the North of the Iberian Peninsula, due to the importance that this relationship has in health systems, in general. We applied the case study method as a methodological tool in a long-term local study. The interpretation was carried out within a national context, which allows us to understand its meaning and the historical keys to hospital development in this region. Primary sources have been reviewed (mainly reports, catalogs, and censuses of hospitals from the Ministry of Health and the Government of La Rioja) and other secondary sources, located in archives, libraries, Institute of Rioja Studies, and Department of Health. The hospital system in La Rioja was characterized by a predominance of public beds compared with private ones, although there has been a growing trend in the number of private beds from 2013 onwards due to the incorporation of health and social care convalescent hospitals (two). La Rioja has been promoting public–private collaboration (seen as a strategic alliance) and focusing on agreements in the socio-health space, particularly using the management service agreement and the concession of work formulas. The development of the public health service in La Rioja, from 1986 to 2019, has been determined by a progressive lower dependence on specialized hospitals from other health services of neighboring Autonomous Communities and by a mixed public–private hospital system. Full article
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5 pages, 412 KiB  
Reply
Trigger Points and Contracture/Contraction Knots: What’s in a Name? Reply to Dommerholt, J.; Gerwin, R.D. Contracture Knots vs. Trigger Points. Comment on “Ball et al. Ultrasound Confirmation of the Multiple Loci Hypothesis of the Myofascial Trigger Point and the Diagnostic Importance of Specificity in the Elicitation of the Local Twitch Response. Diagnostics 2022, 12, 321”
by Andrew Ball, Thomas Perreault, César Fernández-de-las-Peñas, Michael Agnone and Jordan Spennato
Diagnostics 2022, 12(10), 2366; https://doi.org/10.3390/diagnostics12102366 - 29 Sep 2022
Cited by 2 | Viewed by 1930
Abstract
We are responding to the comment by Dommerholt and Gerwin that we have reverse-defined “myofascial trigger point” (MTrP) and “contracture/contraction knot.” In attempting to maintain philosophical agreement with specific and implied aspects of their integrated hypothesis of trigger-point formation (namely a MTrP being [...] Read more.
We are responding to the comment by Dommerholt and Gerwin that we have reverse-defined “myofascial trigger point” (MTrP) and “contracture/contraction knot.” In attempting to maintain philosophical agreement with specific and implied aspects of their integrated hypothesis of trigger-point formation (namely a MTrP being ischemic and hypoxic), we referred to the MTrP as the small hyperechoic signal rather than the larger hypoechoic (and therefore hyperperfused) structure surrounding it. It was never our intent to re-define nor contribute to confusion. In making this concession with respect to Dommerholt and Gerwin’s preferred nomenclature, however, we must instead now reconcile what we image as a hypoechoic (and therefore hyperperfused) MTrP with it being concurrently hypoxic. Full article
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16 pages, 689 KiB  
Article
An Effective Negotiation Strategy for Quantitative and Qualitative Issues in Multi-Agent Systems
by Khalid Mansour, Yaser Al-Lahham, Safeyah Tawil, Ryszard Kowalczyk and Ahmad Al-Qerem
Electronics 2022, 11(17), 2754; https://doi.org/10.3390/electronics11172754 - 1 Sep 2022
Cited by 5 | Viewed by 3519
Abstract
Automated negotiation is an efficient approach for interaction in multi-agent systems in which agents exchange offers and counteroffers to conclude an agreement. This paper addresses the problem of offer formulation during the interaction between buyer and seller software agents for the purpose of [...] Read more.
Automated negotiation is an efficient approach for interaction in multi-agent systems in which agents exchange offers and counteroffers to conclude an agreement. This paper addresses the problem of offer formulation during the interaction between buyer and seller software agents for the purpose of reaching an agreement over quantitative and qualitative issues at once. In order to improve the outcome of the negotiation process, a hybrid negotiation method is presented and verified. Offer formulation is based on fuzzy similarity and preference-based methods. The preference-based mechanism is used for quantitative issues, while the fuzzy similarity technique is used for qualitative issues. The preference-based mechanism takes into account the preferences of the opponent when generating offers; the agent makes greater concessions on the issues which the opponent prefers more. The fuzzy-similarity method formulates an offer that considers offering a deal that is more similar to the one received by the opponent during the last round of negotiation. The experiments consists of two parts. The first part compares the hybrid strategy with the basic one. The findings reveal that the hybrid strategy is better in all performance measures, namely, utility rate, agreement rate, and Nash product rate. The second part of the experimental work compares four mechanisms of offer generating mechanisms: basic, preference-based, fuzzy similarity, and hybrid. The results show that the hybrid negotiation strategy performs equal or better that other negotiation strategies. More details can be found in the paper. Full article
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15 pages, 2570 KiB  
Article
Fiscal Measurement and Oil and Gas Production Market: Increasing Reliability Using Blockchain Technology
by Carlos Barateiro, Alexandre Faria, Jose Farias Filho, Karolina Maggessi and Claudio Makarovsky
Appl. Sci. 2022, 12(15), 7874; https://doi.org/10.3390/app12157874 - 5 Aug 2022
Cited by 5 | Viewed by 3173
Abstract
The market of oil and gas has many particularities, once it is a natural resource of great value. Due to the fact the resource is owned by nations, it is highly regulated. The volumes traded are high; for this reason, their calculation needs [...] Read more.
The market of oil and gas has many particularities, once it is a natural resource of great value. Due to the fact the resource is owned by nations, it is highly regulated. The volumes traded are high; for this reason, their calculation needs to be performed very carefully, meeting not only the uncertainties and metrological control, but also particularly the tracking of the activities. The technical regulations of measurement adopted by the countries carefully follows many guidelines. The reason is that the established volumes directly affect the calculation of royalties and profit sharing in concession agreements or even a simple ownership shift of the products. Therefore, it is an application with a lot of responsibility, involving a large amount of equipment, software, and execution processes. Therefore, the transfer of data among different entities requires total transparency and security. Blockchain technology, which has been initially developed for the financial market, presents itself as an alternative to ensure reliability, from the sensors in the field to the effective generation of the Monthly Report on the petroleum and natural gas production unit, which is the basic document for determining the remuneration of the owners of the product. This paper presents a technical solution for creating the blockchain validation blocks by the MAC (Media Access Control Address) addressing, which in turn comes from the communication boards of the flow computers and from the Supervisory Stations. There are limitations to extending this solution to the level of field sensors due to the current links of communication, but also because of the way that historical, events and alarm databases of the flow computers are generated. Once these devices exhibit an elevated degree of safety in their operation, the solution herein presented adds a high level of reliability in the fiscal measurement and/or custody transfer. Full article
(This article belongs to the Topic Recent Trends in Blockchain and Its Applications)
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21 pages, 2351 KiB  
Article
Developing Public–Private Partnership Projects to Enhance Innovation Capability in the Defence Industry
by Marina Mikhailovna Pukhova, Irina Anatolievna Merkulina and Dmitry Yuryevich Bashkov
Economies 2021, 9(4), 147; https://doi.org/10.3390/economies9040147 - 9 Oct 2021
Cited by 4 | Viewed by 5385
Abstract
The relevance of this study resides in the need to determine the key measures for a more effective application of the mechanism of public–private partnerships (PPP) in the implementation of large-scale infrastructure projects, aimed at developing the innovation potential of the Russian defence–industrial [...] Read more.
The relevance of this study resides in the need to determine the key measures for a more effective application of the mechanism of public–private partnerships (PPP) in the implementation of large-scale infrastructure projects, aimed at developing the innovation potential of the Russian defence–industrial complex (DIC). Through the analysis of foreign practices of the application of PPP in the defence industry, representing a vast body of scientific and popular literature on the development of the defence industry in the U.S. and the countries of Europe and Asia, as well as a review of the domestic regulatory framework, the authors have identified the most common and key problems that are obstacles to the effective and sustainable development of PPP mechanisms, and their application not only in the civil, but also in the defence sector. This work pays specific attention to the requirements that are imposed on public and private partners in the process of implementing PPP projects in the context of SDO performance, along with the risks that are inevitably associated with the activities of each of the parties. As a result, the authors present a graphical interpretation of the algorithm for financing the state defence order (SDO) and disclose the system of interaction between the elements of a given algorithm, as well as formulating an essential recommendation for the further development of PPP in Russia. Full article
(This article belongs to the Special Issue Emerging Economies and Sustainable Growth)
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14 pages, 248 KiB  
Review
Contractual Systems in the Oil and Gas Sector: Current Status and Development
by Fatima Dirani and Tatiana Ponomarenko
Energies 2021, 14(17), 5497; https://doi.org/10.3390/en14175497 - 3 Sep 2021
Cited by 9 | Viewed by 4885
Abstract
Production activities in the oil and gas industry are capital-intensive and associated with high technology, with these assets not always being available to oil-producing countries or national companies. Any form of interaction between the parties involved in natural resource extraction requires clear regulation [...] Read more.
Production activities in the oil and gas industry are capital-intensive and associated with high technology, with these assets not always being available to oil-producing countries or national companies. Any form of interaction between the parties involved in natural resource extraction requires clear regulation regarding contractual relationships. This study attempts to analyze Indonesia’s production sharing contract system in order to assess its applicability to other conditions. The article covers the key aspects of contract theory, provides a classification of contractual systems in the oil and gas sector, and discusses the most common types of contractual agreements. It also considers the key principles of production sharing contracts (PSCs), analyzes the development of PSC practices in Indonesia over the past sixty years, and highlights PSC advantages and disadvantages. Full article
26 pages, 534 KiB  
Article
Can Social Agents Efficiently Perform in Automated Negotiation?
by Victor Sanchez-Anguix, Okan Tunalı, Reyhan Aydoğan and Vicente Julian
Appl. Sci. 2021, 11(13), 6022; https://doi.org/10.3390/app11136022 - 29 Jun 2021
Cited by 12 | Viewed by 3922
Abstract
In the last few years, we witnessed a growing body of literature about automated negotiation. Mainly, negotiating agents are either purely self-driven by maximizing their utility function or by assuming a cooperative stance by all parties involved in the negotiation. We argue that, [...] Read more.
In the last few years, we witnessed a growing body of literature about automated negotiation. Mainly, negotiating agents are either purely self-driven by maximizing their utility function or by assuming a cooperative stance by all parties involved in the negotiation. We argue that, while optimizing one’s utility function is essential, agents in a society should not ignore the opponent’s utility in the final agreement to improve the agent’s long-term perspectives in the system. This article aims to show whether it is possible to design a social agent (i.e., one that aims to optimize both sides’ utility functions) while performing efficiently in an agent society. Accordingly, we propose a social agent supported by a portfolio of strategies, a novel tit-for-tat concession mechanism, and a frequency-based opponent modeling mechanism capable of adapting its behavior according to the opponent’s behavior and the state of the negotiation. The results show that the proposed social agent not only maximizes social metrics such as the distance to the Nash bargaining point or the Kalai point but also is shown to be a pure and mixed equilibrium strategy in some realistic agent societies. Full article
(This article belongs to the Special Issue Multi-Agent Systems)
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28 pages, 13483 KiB  
Article
Impact of Heavy Metals on Community Farming Activities in the Central Peruvian Andes
by Melissa R. Quispe-Zuniga, Fabián Santos, Daniel Callo-Concha and Klaus Greve
Minerals 2019, 9(10), 647; https://doi.org/10.3390/min9100647 - 22 Oct 2019
Cited by 10 | Viewed by 6886
Abstract
The high mining potential of the Peruvian Andes has promoted booming foreign investments. The mining activity takes place on campesino community lands and headwaters. Once the government awards a mining concession, mining companies must regularly negotiate land rent with communities over the whole [...] Read more.
The high mining potential of the Peruvian Andes has promoted booming foreign investments. The mining activity takes place on campesino community lands and headwaters. Once the government awards a mining concession, mining companies must regularly negotiate land rent with communities over the whole duration of the mining operation, often leading to disagreements. Our research objective is to identify the mining impacts on the farming activities of campesino communities in the Junin region, central Peruvian Andes. Using a mixed-methods approach involving in-depth interviews, water and soil analysis, land-cover classification and participatory mapping, we analyzed the mining-community agreements and the mining impacts on the farming lands. We arrived at two primary conclusions. First, mining activities in terms of heavy metal concentrations impact on farming lands, although the contribution of previous and concurrent activities cannot be distinguished. Second, the diverging and short-termed interests of the involved parties which circumscribe the agreements may potentially lead to conflicts. Full article
(This article belongs to the Section Environmental Mineralogy and Biogeochemistry)
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14 pages, 1888 KiB  
Article
Financing for a Sustainable PPP Development: Valuation of the Contractual Rights under Exercise Conditions for an Urban Railway PPP Project in Korea
by Kangsoo Kim, Hyejin Cho and Donghyung Yook
Sustainability 2019, 11(6), 1573; https://doi.org/10.3390/su11061573 - 15 Mar 2019
Cited by 20 | Viewed by 4317
Abstract
The Minimum Revenue Guarantee (MRG) was designed to mitigate the financial risk of private investors that participate in the transportation project as concessionaire under a public-private partnership (PPP) program. The MRG can pose a significant financial burden to governments especially when the contract [...] Read more.
The Minimum Revenue Guarantee (MRG) was designed to mitigate the financial risk of private investors that participate in the transportation project as concessionaire under a public-private partnership (PPP) program. The MRG can pose a significant financial burden to governments especially when the contract revenue is set considerably higher than the actual revenue. This may encourage the concessionaire to inflate the traffic forecast to make the project look as if it will be profitable. In order to mitigate this problem, extra conditions for exercising the MRG can be considered. This study examines how these exercise conditions change the economic value of the MRG using the case study based on the urban railway project in the Republic of Korea. By utilizing the real options analysis, the study identified that the exercise conditions have worked to curtail the expected payment from the government, eventually leading to a reduction in the concessionaire’s expectation of revenue. The value of MRG was at a far lower level compared to the concessionaire’s investment because of the low probability of exercising the MRG when the exercise conditions apply. The findings are expected to contribute to the sustainability of the PPP program by recognizing and quantifying liabilities and risks embedded in the concession agreement in advance. Full article
(This article belongs to the Section Sustainable Transportation)
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