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    Crafting an efficient bundle of property rights to determine the suitability of a Public-Private Partnership: A new theoretical framework

    246304_246304.pdf (450.3Kb)
    Access Status
    Open access
    Authors
    Teo, Pauline
    Bridge, A.
    Date
    2016
    Type
    Journal Article
    
    Metadata
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    Citation
    Teo, P. and Bridge, A. 2016. Crafting an efficient bundle of property rights to determine the suitability of a Public-Private Partnership: A new theoretical framework. International Journal of Project Management. 35 (3): pp. 269–279.
    Source Title
    International Journal of Project Management
    DOI
    10.1016/j.ijproman.2016.10.008
    ISSN
    1873-4634
    School
    Department of Civil Engineering
    URI
    http://hdl.handle.net/20.500.11937/23268
    Collection
    • Curtin Research Publications
    Abstract

    A Public–Private Partnership (PPP) procurement mode is poised to play a leading role in delivering global infrastructure. However, there is no fundamental microeconomic framework to determine whether a project or part/s of a project is a suitable PPP. This paper presents the development of a new theoretical framework that overarches and harnesses the application and integration of prominent microeconomic theories, namely, transaction cost and resource-based theories, property rights theory and principal-agent theory, to explain how an efficient bundle of property rights, associated with externalised project activities, is configured or crafted. This novel framework is developed to contribute significantly to advancing the rigour and transparency of PPP selection, as well as advancing theory of the firm. In turn, this change in current PPP thinking would appreciably increase the prospect of PPPs efficiently addressing the substantial appetite for this mode of procurement.

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