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Soft budgets and renegotiations in public-private partnerships: theory and evidence
(Universidad de Chile, Facultad de Economía y Negocios, 2015-07)
Public-private partnerships (PPPs) are an increasingly popular organizational form of providing
public infrastructure. They can increase e ciency and improve resource allocation, yet
pervasive contract renegotiations ...
Dynamic contracting under adverse selection and renegotiation
(Academic Press Inc., 2017)
We study the effects of renegotiation in an infinitely-repeated screening model with long-term contracts. We propose a simple and tractable recursive formulation to study equilibria in which the monopolist's profit is ...
Optimal design of trade agreements in the presence of renegotiation
(Amer Economic Assoc, 2015-02)
We study the optimal design of trade agreements when governments can renegotiate after the resolution of uncertainty but compensation between them is inefficient. In equilibrium, renegotiation always results in trade ...
Opportunistic renegotiation of infraestructure concessions as rent seeking : the effect of legal systems
(2010)
This paper examines the problem of renegotiation of infrastructure conces-sions in Latin America using a model of litigation with an application to in-centive contracts. Opportunistic renegotiation is here defined as a ...
Soft budgets and endogenous renegotiations in transport PPPs: An equilibrium analysis
(Elsevier, 2019)
It has been known for some time that renegotiations of public-private partnerships (PPPs) are related to the political cycle. For example, in his seminal work on renegotiations Guasch (2004) found that incoming administrations ...
Default and interest rate shocks: Renegotiation matters
(Universidad Torcuato Di TellaRutgers University, Department of EconomicsUniversity of Minnesota, 2023)
We develop a sovereign default model with endogenous re-entry to financial markets via
debt renegotiation. We use this model to evaluate how shocks to risk-free interest rates trigger
default episodes through two channels: ...