The role of the discount rate in tendering highway concessions under the LPVR approach

Flexible-term highway concessions are becoming quite popular around the world as a means of mitigating the traffic risk ultimately allocated to the concessionaire. The most sophisticated mechanism within flexible-term concession approaches is the least present value of the revenues (LPVR). This mechanism consists of awarding the concession to the bidder who offers the least present value of the revenues discounted at a discount rate fixed by the government in the contract. Consequently, the concession will come to an end when the present value of the revenues initially requested has been eventually reached. The aim of this paper is to evaluate the effect that the discount rate established by the government in the bidding terms has on the traffic-risk profile ultimately allocated to the concessionaire. To analyze this effect, a mathematical model is developed in order to obtain the results. I found that the lower the discount rate the larger will be the traffic risk allocated to the concessionaire. Moreover, I found that, if a maximum term is established in the contract, the lower the discount rate, the less skewed towards the downside will be the traffic-risk profile allocated to the concessionaire.     

Multioutput analysis of cargo handling firms: An application to a Spanish port

Cargo handling in ports is a multioutput activity, as freight can arrive in many forms such as containers, bulk, rolling stock, or non-containerised general cargo. In this paper, the operation of cargo handling firms in a Spanish port is analysed through the estimation of a multioutput cost model that uses monthly data on three representative firms located at the Las Palmas port. This permits the calculation of product specific marginal costs, economies of scale (general and by firm) and economies of scope, which help identifying optimal pricing policies and the potential cost advantages of increasing production.     

轨枕间距对钢轨波磨的影响

主要研究轨枕间距对钢轨波磨发展的影响。研究小半径曲线内轨的小矢跨比波磨。这些出现问题的曲线段属于西班牙毕尔巴鄂区域的地铁轨道,铺设着混凝土道床和两层STEDEF型支承垫层。当初始轨枕间距为1000mm时,仅有92万组轮对通过后所测得的波磨深度峰-峰值已经达到0.42mm。随后更换产生波磨的钢轨,比较列车通过时轨枕上方和轨间中部的内轨垂向、横向加速度。当轨枕间距为1000mm时,轨间中部出现频率为204和244Hz的强烈响应,在轨枕上方却未出现。在相邻轨枕中间铺设一个轨枕,使轨枕间距变为500mm,钢轨波磨停止发展。该结论是根据2年的观测结果得到的。     

Transit service quality analysis using cluster analysis and decision trees: a step forward to personalized marketing in public transportation

A transit service quality study based on cluster analysis was performed to extract detailed customer profiles sharing similar appraisals concerning the service. This approach made it possible to detect specific requirements and needs regarding the quality of service and to personalize the marketing strategy. Data from various customer satisfaction surveys conducted by the Transport Consortium of Granada (Spain) were analyzed to distinguish these groups; a decision tree methodology was used to identify the most important service quality attributes influencing passengers’ overall evaluations. Cluster analysis identified four groups of passengers. Comparisons using decision trees among the overall sample of all users and the different groups of passengers identified by cluster analysis led to the discovery of differences in the key attributes encompassed by perceived quality.     

Modelling bicycle use intention: the role of perceptions

Users’ perceptions are identified as key elements to understand bicycle use, whose election cannot be explained with usual mobility variables and socio-economic characteristics. A hybrid model is proposed to model the intention of bicycle use; it combines a structural equations model that captures intentions and a choice model. The framework is applied to a case of a university campus in Madrid that is studying a new internal bike system. Results show that four latent variables (convenience, pro-bike, physical determinants and external restrictions) help explaining intention to use bike, representing a number of factors that are linked to individual perceptions.     

A congested and dwell time dependent transit corridor assignment model

This research proposes an equilibrium assignment model for congested public transport corridors in urban areas. In this model, journey times incorporate the effect of bus queuing on travel times and boarding and alighting passengers on dwell times at stops. The model also considers limited bus capacity leading to longer waiting times and more uncomfortable journeys. The proposed model is applied to an example network, and the results are compared with those obtained in a recent study. This is followed by the analysis and discussion of a real case application in Santiago de Chile. Finally, different boarding and alighting times and different vehicle types are evaluated. In all cases, demand on express services tends to be underestimated by using constant dwell time assignment models, leading to potential planning errors for these lines. The results demonstrate the importance of considering demand dependent dwell times in the assignment process, especially at high demand levels when the capacity constraint should also be considered. Copyright © 2017 John Wiley & Sons, Ltd.     

Forecasting vs. observed outturn: Studying choice in faster inter-island connections

Passenger demand and, in particular, mode choice between the islands of Gran Canaria and Tenerife has experienced important changes in the last decade. In 2005 the jetfoil, which had been the dominant mode for many years, was replaced by a slower but cheaper fast ferry service. This induced important changes in the market shares of all competing modes (airplane, slow ferry and another fast ferry with a shorter in-sea time, but needing a bus connection in land). We estimated several discrete choice models, with data collected two years before, with the aim to test their forecasting performance in relation with observed behaviour. Interestingly, we found that an easy to interpret multinomial logit model allowing for systematic taste variations performed best in forecasting. We also discuss some model assumptions related to forecasting that allow replicating the effects of introducing a new mode more accurately. We finally show how the model can be used to examine the social benefits of a related infrastructure improvement project in the island of Gran Canaria.     

Flexibility in planning and development of a container terminal: an application of an American-style call option

The prosperity and social progress of developed and developing economies is highly dependent on the existence of efficient transport infrastructure. Nevertheless, current budgetary constraints are jeopardizing the necessary investments in new or existing infrastructure. New models for planning and managing infrastructure are now necessary to overcome the lack of public economic resources available. Port infrastructure is no exception and, due to the vast number of uncertainties involving these projects, it is relevant to maximize the capture of the latent value of flexible options. Incorporating flexibility in these projects, prior to the implementation phase, can be a solution that allows port managers to address future uncertainties and mitigate risk exposure. This paper analyzes the incorporation of flexibility in port planning through the use of an American call option to the physical capacity expansion problem. The rationale is to implement a flexible expansion plan, through options that can be exercised at any given time, that are able to deal with uncertainty in demand. The paper uses a case study – Terminal Container of Ferrol, in Spain – and the results support the hypothesis that imbedded flexibility will robustly increase the net present value of the project.     

The effect of financial constraints on the optimal design of public transport services

Recent experience with the design of bus services in Santiago, Chile, seems to confirm Jansson's (1980) assertion regarding observed planned bus frequency and size being too low and too large, respectively. We offer an explanation based upon the relation between cost coverage, pricing and optimal design variables. We recall that average social cost decreases with patronage, which generates an optimal monetary fare below the average operators' cost, inducing an optimal subsidy. Then we compare optimal frequency and bus size—those that minimize total social costs—with those that minimize operators' costs only. We show that an active constraint on operators' expenses is equivalent to diminish the value of users' time in the optimal design problem. Inserting this property back in the optimal pricing scheme, we conclude that a self-financial constraint, if active, always provokes an inferior solution, a smaller frequency and, under some circumstances, larger than optimal buses.

Cross-sector Analysis of Four Renegotiated Transport PPPs in Portugal

Abstract

This paper uses the Fertagus renegotiation results as a reference and explores the features that made it such a widely commended case, aiming to identify the best practice to be followed in other cases. The two main questions that this paper aimed to respond were: Was the success of the renegotiation process in the Fertagus contract due to mode-specific factors? Are those factors (mode specific or not) transferable to other modes under public private partnership (PPP) contracts and if so, to what extent? Regarding the mode specificity and transferability analysis, it can be noticed that much of the features were not mode specific in theory, however for the successful transferability to other transport modes, some changes should be made to the PPP model taking into account modal specificities and national contexts.