Encyclopedia of Law and Economics

Living Edition
| Editors: Alain Marciano, Giovanni Battista Ramello

Public-Private Partnerships

Living reference work entry
DOI: https://doi.org/10.1007/978-1-4614-7883-6_715-1

Definition

Public-private partnerships (PPPs) are organizational forms involving public and private institutions and aiming at the provision of assets, goods, or services that, to a large extent, are relevant in terms of public interest. Alternatively, the same tasks (e.g., construction, operation, maintenance, financing) can be pursued by full-fledged public organizations. The nature of tasks and involved institutions (e.g., for-profit firms, nongovernmental organizations (NGOs), governmental agencies) and the constraints shaping interactions among partners (e.g., contract or information incompleteness) determine different effects as regards the distribution of risks and payoffs among partners and allocative efficiency.

Economics and Institutions

Several concepts of PPPs have been introduced by practitioners and academics. A comprehensive perspective about PPPs can be found in the management literature. Kivleniece and Quélin (2012) define “public-private ties […] as any long-term...

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Copyright information

© Springer Science+Business Media, LLC, part of Springer Nature 2018

Authors and Affiliations

  1. 1.Department of Economics and Management & CRIEPUniversity of PaduaPaduaItaly