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(Automatic translation)

Variable term concession highways: The case of Aragon

José Luis ABAD
Highways
Government of Aragon

RUS Gines
Department of Applied Economic Analysis
University of Las Palmas and Institute of Transportation Studies
University of California, Berkeley

Gustavo NOMBELA
Department of Applied Economic Analysis
University of Las Palmas

ABSTRACT
The traditional concession system by which private companies build, maintain and operate toll roads has significant weaknesses. The inability to predict traffic than thirty periods pollutes the selection of the concessionaire to be impossible to distinguish between efficiency and optimism about the future traffic. In this article a new variable term concession system, which offers bidders are detached from their beliefs about what will be the future demand it is proposed. The system discussed in this paper is that the Government of Aragon has chosen as a formula for contract construction and operation of the highway Cariñena-Gallur. Its main advantages are to improve the selection of the concessionaire, reduce costs, dealer wean the short-term interests of the Government and allow the financial balance of the company without resorting to renegotiations.

KEYWORDS
Infrastructure, concessions, roads, transport, auctions.

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