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Public–Private Partnerships: Options for Improved Risk Allocation
Author(s) -
Quiggin John
Publication year - 2005
Publication title -
australian economic review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.308
H-Index - 29
eISSN - 1467-8462
pISSN - 0004-9018
DOI - 10.1111/j.1467-8462.2005.00388.x
Subject(s) - criticism , citation , politics , library science , political science , schools of economic thought , sociology , law , economics , computer science , neoclassical economics
The management of risk is a central concern in any contractual relationship, where risk in contracting is managed by allocating foreseeable risks to the party best able to bear them and through the creation of durable partnerships committed to the cooperative resolution of unforeseen risks, which are recognised in official discussion of Public Private Partnerships (PPPs). However, in reality, it often fails to match the rhetoric, and hence reforms are needed to improve risk management and ensure that PPP approaches are used when they represent true value for money.