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Privatizing Highways in the United States |
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| Authors: | Eduardo Engel Ronald Fischer Alexander Galetovic |
| Affiliation: | 1. Department of Economics, Yale University, 28 Hillhouse Ave, New Haven, CT, 06511, USA 2. Center for Applied Economics (CEA), Department of Industrial Engineering, University of Chile, Av. República 701, Santiago, Chile 3. Facultad de Ciencias Económicas y Empresariales, Universidad de Los Andes, San Carlos de Apoquindo 2200, Santiago, Chile |
| Abstract: | We review the experience of both private toll-roads built in the United States during the 1990s, and argue that the problems they encountered could have been avoided if the length of the franchise contract would adapt to demand realizations. We also argue in favor of adjudicating private toll-roads via BOT-type contracts in competitive (Demsetz) auctions. The lessons of this paper are relevant since growing congestion and troubled government finances have made private toll-roads increasingly attractive in the United States. |
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