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IS A SOCIAL EMPOWERMENT OF PPP FOR INFRASTRUCTURE DELIVERY POSSIBLE? LESSONS FROM SOCIAL IMPACT BONDS
Author(s) -
VECCHI Veronica,
CASALINI Francesca
Publication year - 2019
Publication title -
annals of public and cooperative economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.526
H-Index - 37
eISSN - 1467-8292
pISSN - 1370-4788
DOI - 10.1111/apce.12230
Subject(s) - outcome (game theory) , payment , social welfare , business , bond , empowerment , value (mathematics) , welfare , social impact , public economics , economics , economic growth , microeconomics , finance , market economy , sociology , computer science , political science , population , machine learning , law , demography
Social Impact Bonds (SIBs) have emerged in recent years as outcome‐based public‐private partnerships (PPP) for the delivery of welfare services, where the payment to the private operator is linked to the achievement of superior social impact. Since the traditional infrastructure‐based PPP approach seems to have failed to achieve higher level of efficiency and, above all, effectiveness, this paper discusses the extent to which the SIB model can represent a reference point to innovate the PPP model by introducing more focus on outcome achievement and social value generation.