Evaluation of PPP projects in Australia and India: An Information Asymmetry Perspective
- Publication Type:
- Conference Proceeding
- Accelerating Development: Harnessing the Power of Project Management, 2017, pp. 225 - 234
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|PMI RAC 2017 Paper on PPP Devkar, Sankaran & Ke 2017.pdf||Published version||1.89 MB|
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Public private Partnership (PPP) model has been widely used for infrastructure delivery across the globe. However, the practice of PPP indicates mixed results, showing on the one hand, much hyped and glorified success on model PPP projects, while on the other hand failed and jinxed PPP projects also exist. This scenario stresses the need to identify and analyse the reasons behind the divergence of the PPP model from its much expected theoretical benefits. In this context, a research study was undertaken evaluate failed PPP transportation projects in Australia and India with the primary focus to understand why these projects failed to attain the expected theoretical benefits. In this paper, we evaluated six PPP projects through the theoretical lens of "information symmetry" – as provided by principal agent theory. We adopted the qualitative research methodology for this study involving collection and analysis of secondary data pertaining to these PPP projects. the findings show that the information asymmetry during the procurement stage of PP projects manifests into problems like adverse selection, total hazard and hold up. These problems are very evident at the procurement stage but have been neglected and sidelined by the government, financiers and decision makers. We conclude this paper with various propositions that have to be verified with further in-depth research procedure.
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