Article2013

A PPP renegotiation framework: a road concession in Greece

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Public-Private Partnership Projects Construction Project Management and Performance Public Policy and Administration Research

Abstract

Purpose – The purpose of this paper is to present a framework approach to guide the identification of potential public private partnership (PPP) renegotiation outcomes is presented. The framework is applied to a road concession project under renegotiation in Greece. Design/methodology/approach – The framework combines the estimation of stakeholder payoffs with respect to the various strategic options available. Their potential acceptance is evaluated with respect to the power distribution within the stakeholder network. The contextual environment determines the respective power position of each stakeholder in the network. Findings – The proposed framework is applied to a road concession case in Greece, under renegotiation as a result of the economic crisis. The analysis highlights the importance of the contextual environment and the limitations of solutions that seem “satisfying” for all stakeholders involved. Social implications – The framework is designed to guide both public and private parties involved in the renegotiation processes in identifying potential solutions or the inability to reach outcomes under specific contextual environments. Assessments are made based on expert knowledge rather than data collection, which is impossible during the renegotiation phase. The application proposed process limit renegotiation transaction costs. Originality/value – The renegotiation framework based on stakeholder payoffs and power theory, is an approach especially useful for complex contract renegotiations, where multiple stakeholders influence the final outcome. The importance of the contextual environment is highlighted. In addition, the paper contributes to the empirical renegotiation literature.

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References

1955A BEHAVIORAL MODEL OF RATIONAL CHOICE 1987The Economic Institutions of Capitalism 2011External Control of Organizations: Resource Dependence Perspective 1979Transaction-Cost Economics: The Governance of Contractual Relations 1986The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration 1995Firms, Contracts, and Financial Structure 1977Who gets power — and how they hold on to it: A strategic-contingency model of power 2005How (In)accurate Are Demand Forecasts in Public Works Projects?: The Case of Transportation

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