January 2024

PPP performance evaluation: the social welfare goal, principal–agent theory and political economy

Eoin Reeves (ed), University of Limerick, Ireland

Study by Mark A. Moore and Aidan R. Vining

This paper provides a comprehensive review of theoretical and empirical literature on PPP performance.  It also seeks to understand government’s continued preference for PPPs.  As these issues are covered in most of the PPP literature over the last 25 years, the paper covers much ground.  For that reason, it will be summarised in two separate articles for Public Works Financing.  This month’s article will cover the paper’s review of PPP performance.  Next month I will cover the reasons why PPP continues to be an attractive option for public decision makers.

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