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Geddes R.R. The Road to Renewal: Private Investment in the U.S. Transportation Infrastructure

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Geddes R.R. The Road to Renewal: Private Investment in the U.S. Transportation Infrastructure
AEI Press (American Enterprise Institute), Washington, 2011, 205 pages, ISBN-10: 0844743461, ISBN-13: 9780844743462
Despite record levels of government spending, America's transportation system is plagued by traffic congestion, decaying infrastructure, and politicization of transportation funding-leading to calamities such as the 2007 collapse an interstate highway bridge over the Mississippi River and political fiascos like Alaska's infamous "Bridge to Nowhere." In The Road to Renewal, R. Richard Geddes surveys the current state of U.S. ground transportation and finds that, like the roads themselves, transportation policy is in desperate need of repair. A shift toward increased use of public-private partnerships (PPPs)-contractual agreements that allow private participation in the design, construction, operation, and delivery of transportation facilities-could significantly improve the quality of U.S. roadways.
Contents
Preface
Introduction
Three critical transportation policy reforms
The problem with fuel taxes
A better strategy: fee for road use
Congestion pricing: paying according to cost
Private investment in transportation infrastructure
Basics of public-private partnerships
Ppp terminology
Types of ppp contracts
Transportation ppps in the united states
Compared to what? Why private investor participation is needed
Governance under bureaucratic administration
Private investment improves governance
The governance experience in public toll authorities
Benefits of ppps: competition, management, and project delivery
Ppps create competition in facility management
Ppps accelerate project delivery
Ppps improve incentives to contain costs and efficiently utilize road capacity
Ppps improve incentives to enhance safety
Ppps provide incentives and resources to adopt emerging technologies
Ppps improve public control over assets
Benefits of ppps: investment, risk transfer, and the rationalization of investment
Ppps introduce new classes of investors
Global investment in u.s. Transportation infrastructure
Ppps offer investors new options
Ppps transfer risk from taxpayers to professional risk bearers
Private participation reveals the true cost of capital
Ppps rationalize transportation investment
Public policies to encourage infrastructure investment
Conclusion
The benefits of brownfield public-private partnerships
Ppp benefits created by brownfield concessions
Brownfield leases unlock latent value for facility citizen-owners
Intergenerational equity and brownfield ppps
The benefits of private investor participation demonstrated
Empirical evidence on the effects of private participation
Performance of transportation public-private partnerships abroad
Public-private partnerships in the public interest
Managing the ppp process
Addressing potential market power
Additional contracting issues
Ex post opportunism
Summary and conclusions
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