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Evaluating the role of private investment in infrastructure assets.
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2015-10-01
[PDF-2.25 MB]
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Abstract:Public Private Partnership (P3) projects are likely to fundamentally impact entire
transportation systems. However, most studies are focused on system modeling rather than
policy analysis, and few studies have examined the impacts of P3s on real-size
transportation networks. Policy guidance for devising and administering P3 contracts to
improve transportation system performance while maintaining profitability is lacking. Using
the transportation network of Fresno, a middle-sized city in California as an example, this
study considers alternative P3 approaches for profit maximization and system cost
minimization at full urban transportation network scales. Based on system modeling results,
we offer the following recommendations for policy makers to design and promote
successful P3 projects in urban environments: (1) to promote a profitable and a socially
beneficial system, toll rates should be set between profit-maximizing and system-optimal
rates; (2) even though tolls (i.e., higher travel costs) on a few roads helps reduce travel
demand they may, counter-intuitively, lead to higher total travel cost for the transportation
system as a whole; (3) lower limit(s), in addition to upper limit(s), for tolls may be required
to enforce system-optimal tolling and avoid undercutting; (4) a variable tolling scheme (i.e.,
temporally and spatially varying tolls) significantly reduces congestion and increases profits
relative to flat tolls; and (5) public officials should provide a comprehensive plan regarding
past, current, and future P3 projects along with detailed system-wide impact analysis of
project implementation in order to promote a more sustainable transportation system.
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