Incentive mechanism for performance-based payment of infrastructure PPP projects: coupling of reputation and ratchet effects
Abstract
The performance-based payment PPP model has been widely used in the infrastructure projects. However, the ratchet effect derived from performance-based reputation incentives has been largely overlooked. To overcome this shortcoming, ratchet effect is considered in the performance-based payment incentive process. A multi-period dynamic incentive mechanism is developed by coupling the reputation and ratchet effect. The main results show that: (1) Under the coupling of reputation and ratchet effects, the optimal incentive coefficient in the last performance assessment period is always greater than that of the first period. The bargaining power can replace part of the incentive effect; (2) Due to the ratchet effect, if the government improve performance targets through performance adjustment coefficients, it needs to increase incentives to overcome the decreasing effort of the private sector; (3) When the bargaining power and punishment coefficient are small, the reputation incentive is replacing the explicit incentive. The increasing incentive coefficient would make the ratchet effect dominant the reputation effect; (4) To prevent the incentive incompatibility derived from the ratchet effect, the government should increase the incentive while increasing the punishment to achieve the “penalties and rewards”. This study provides theoretical and methodological guidance to design incentive contracts for infrastructure PPP projects.
First published online 06 January 2022
Keyword : infrastructure project, public-private partnership, incentive mechanism, reputation effects, ratchet effects
How to Cite
Li, H., Su, L., Zuo, J., Zhao, X., Chang, R., & Wang, F. (2022). Incentive mechanism for performance-based payment of infrastructure PPP projects: coupling of reputation and ratchet effects. International Journal of Strategic Property Management, 26(1), 35-55. https://doi.org/10.3846/ijspm.2022.15969
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Deng, X., Xiong, W., Yuan, J., & Li, Q. (2009). Dynamic pricing and subsidy model for PPP projects based on satisfaction of participants. Journal of Southeast University. Natural Science Edition, 39(6), 1252–1257.
Domingues, S., & Zlatkovic, D. (2015). Renegotiating PPP contracts: reinforcing the ‘P’ in partnership. Transport Reviews, 35(2), 204–225. https://doi.org/10.1080/01441647.2014.992495
Eldenburg, L. G., Gunny, K. A., Hee, K. W., & Soderstrom, N. (2011). Earnings management using real activities: evidence from nonprofit hospitals. Accounting Review, 86(5), 1605–1630. https://doi.org/10.2308/accr-10095
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Han, H., Wang, Z., & Li, H. (2019). Incentive mechanism for inhibiting developer’s moral hazard behavior in China’s Sponge City projects. Advances in Civil Engineering, 2019, 6090683. https://doi.org/10.1155/2019/6090683
Hart, O. (2003). Incomplete contracts and public ownership: remarks, and an application to public-private partnerships. Economic Journal, 113(486), C69–C76.
Hart, O., & Holmström, B. (1986). The theory of constracts. Cambridge University Press. https://doi.org/10.1017/CCOL0521340446.003
Holmström, B. (1999). Managerial incentive problems: a dynamic perspective. The Review of Economic Studies, 66(1), 169–182. https://doi.org/10.1111/1467-937X.00083
Hu, Y., Wang, Y., Li, Y., & Tong, X. (2018). An incentive mechanism in mobile crowdsourcing based on multi-attribute reverse auctions. Sensors, 18(10), 3453. https://doi.org/10.3390/s18103453
Hueskes, M., Verhoest, K., & Block, T. (2017). Governing public–private partnerships for sustainability: an analysis of procurement and governance practices of PPP infrastructure projects. International Journal of Project Management, 35(6), 1184–1195. https://doi.org/10.1016/j.ijproman.2017.02.020
Jaramillo, J. J., & Srikant, R. (2010). A game theory based reputation mechanism to incentivize cooperation in wireless ad hoc networks. Ad Hoc Networks, 8(4), 416–429. https://doi.org/10.1016/j.adhoc.2009.10.002
Ke, Y., Wang, S. Q., & Chan, A. P. C. (2009). Government incentives for private sector involvement in infrastructure PPP projects. Journal of Tsinghua University, 49(9), 1480–1483. https://doi.org/10.1201/9780203859926.ch123
Koo, J., Yoon, G.-S., Hwang, I., & Barnerjee, S. G. (2013). A pitfall of private participation in infrastructure: a case of power service in developing countries. American Review of Public Administration, 43(6), 674–689. https://doi.org/10.1177/0275074012455453
Kreps, M. D., Milgrom, P., Roberts, J., & Wilson, R. (1982). Rational cooperation in the finitely repeated prisoners’ dilemma. Journal of Economic Theory, 27(2), 245–252. https://doi.org/10.1016/0022-0531(82)90029-1
Laffont, J. J., & Tirole, J. (1988). The dynamics of incentive contracts. Econometrica, 56(5), 1153–1175. https://doi.org/10.2307/1911362
Lai, X. D., Wu, G. D., Shi, J. G., Wang, H. M., & Kong, Q. S. (2015). Project value-adding optimization of project-based supply chain under dynamic reputation incentives. International Journal of Simulation Modelling, 14(1), 121–133. https://doi.org/10.2507/IJSIMM14(1)CO1
Li, H. M., Lv, L. L., Zuo, J., Bartsch, K., Wang, L. Y., & Xia, Q. (2020a). Determinants of public satisfaction with an urban water environment treatment PPP project in Xuchang, China. Sustainable Cities and Society, 60, 102244. https://doi.org/10.1016/j.scs.2020.102244
Li, H. M., Lv, L. L., Zuo, J., Su, L. M., Wang, L. Y., & Yuan, C. H. (2020b). Dynamic reputation incentive mechanism for urban water environment treatment PPP projects. Journal of Construction Engineering and Management, 146(8), 04020088. https://doi.org/10.1061/(ASCE)CO.1943-7862.0001879
Li, Y. F., Li, Y., Zhou, Y., Shi, Y. L., & Zhu, X. D. (2012). Investigation of a coupling model of coordination between urbanization and the environment. Journal of Environmental Management, 98, 127–133. https://doi.org/10.1016/j.jenvman.2011.12.025
Li, S., Hu, D., Cai, J. N., & Cai, H. B. (2020). Real option-based optimization for financial incentive allocation in infrastructure projects under public–private partnerships. Frontiers of Engineering Management, 7(3), 413–425. https://doi.org/10.1007/s42524-019-0045-0
Liu, J. C., Gao, R. L., Cheah, C. Y. J., & Luo, J. (2016). Incentive mechanism for inhibiting investors’ opportunistic behavior in PPP projects. International Journal of Project Management, 34(7), 1102–1111. https://doi.org/10.1016/j.ijproman.2016.05.013
Liu, Y., Sun, C. J. Y., Xia, B., Liu, S., & Skitmore, M. (2018). Identification of risk factors affecting PPP waste-to-energy incineration projects in China: a multiple case study. Advances in Civil Engineering, 2018, 4983523. https://doi.org/10.1155/2018/4983523
Luo, B., Wang, C. Y., & Li, C. Y. (2016). Incentive mechanism design aiming at deflated performance manipulation in retail firms: based on the ratchet effect and the reputation effect. Mathematical Problems in Engineering, 2016, 5412028. https://doi.org/10.1155/2016/5412028
Mohamed, I. S. (2015). Good governance, institutions and performance of public private partnerships. International Journal of Public Sector Management, 28(7), 566–582. https://doi.org/10.1108/IJPSM-01-2015-0005
Mohamed, K. A., Khoury, S. S., & Hafez, S. M. (2011). Contractor’s decision for bid profit reduction within opportunistic bidding behavior of claims recovery. International Journal of Project Management, 29(1), 93–107. https://doi.org/10.1016/j.ijproman.2009.12.003
Rablen, M. D. (2010). Performance targets, effort and risk-taking. Journal of Economic Psychology, 31(4), 687–697. https://doi.org/10.1016/j.joep.2010.05.002
Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of Accounting & Economics, 42(3), 335–370. https://doi.org/10.1016/j.jacceco.2006.01.002
Shang, L. M., & Aziz, A. M. A. (2020). Stackelberg game theory-based optimization model for design of payment mechanism in performance-based PPPs. Journal of Construction Engineering and Management, 146(4), 04020029. https://doi.org/10.1061/(ASCE)CO.1943-7862.0001806
Shi, L., Li, W. W., & He, Y. J. (2020). An incentive analysis of availability payment mechanism in PPP projects. IEEE Access, 8, 106046–106058. https://doi.org/10.1109/ACCESS.2020.2999932
Tadelis, S. (2016). The economics of reputation and feedback systems in e-commerce marketplaces. IEEE Internet Computing, 20(1), 12–19. https://doi.org/10.1109/MIC.2015.140
Peran, V. R. (2008). Subsidisation of urban public transport and the Mohring effect. Journal of Transport Economics and Policy, 42, 349–359.
van den Hurk, M., & Verhoest, K. (2017). On the fast track? Using standard contracts in public-private partnerships for sports facilities: a case study. Sport Management Review, 20(2), 226–239. https://doi.org/10.1016/j.smr.2016.07.004
Villegas, J. E., Gonzalez, E. M., Gonzalez, M. P., Anguita, J. V., & Vicent, J. L. (2005). Experimental ratchet effect in superconducting films with periodic arrays of asymmetric potentials. Physical Review B, 71(2), 024519. https://doi.org/10.1103/PhysRevB.71.024519
Wang, H., Xiong, W., Wu, G., & Zhu, D. (2018). Public private partnership in public administration discipline: a literature review. Public Management Review, 20(2), 293–316. https://doi.org/10.1080/14719037.2017.1313445
Xu, F., & Song, B. (2010). The dynamic incentive and monitor mechanism of government in public-private partnership projects. Chinese Journal of Management Science, 18(3), 165–173.
Yi, X. (2016). Incentive mechanism of public-private partnership rail transit project from the perspective of multitask principal-agent model. Journal of Transporation Systems Engineering & Information Technology, 16(3), 1–7.
Zhang, H., Jin, R., Li, H., & Skibniewski, M. J. (2018). Pavement maintenance-focused decision analysis on concession periods of PPP highway projects. Journal of Management in Engineering, 34(1), 04017047. https://doi.org/10.1061/(ASCE)ME.1943-5479.0000568
Zhang, H., & Qiao, W. (2018). Research on the dynamic performance incentive mechanism incorporated with re-examination of PPP project. Journal of Zhejiang University. Sciences Edition, 45(2), 188–195.
Zhang, X. Q. (2005). Financial viability analysis and capital structure optimization in privatized public infrastructure projects. Journal of Construction Engineering and Management, 131(6), 656–668. https://doi.org/10.1061/(ASCE)0733-9364(2005)131:6(656)
Zhang, Z., Wan, D., & Jia, M. (2008). An empirical research on the relationship between partner’s reputation and collaboration effects in PPP-accommodation function of formal contract and trust relationship. In Proceedings of 2008 International Conference on Public Administration (pp. 26–33), Minnesota, USA.
Beyer, A., Guttman, I., & Marinovic, I. (2014). Optimal contracts with performance manipulation. Journal of Accounting Research, 52(4), 817–847. https://doi.org/10.1111/1475-679X.12058
Bouwens, J., & Kroos, P. (2011). Target ratcheting and effort reduction. Journal of Accounting & Economics, 51(1–2), 171–185. https://doi.org/10.1016/j.jacceco.2010.07.002
Charness, G., Kuhn, P., & Villeval, M. C. (2011). Competition and the ratchet effect. Journal of Labor Economics, 29(3), 513–547. https://doi.org/10.1086/659347
Cheng, Z., Ke, Y., Lin, J., Yang, Z., & Cai, J. (2016). Spatio-temporal dynamics of public private partnership projects in China. International Journal of Project Management, 34(7), 1242–1251. https://doi.org/10.1016/j.ijproman.2016.05.006
Choi, J. P., & Thum, M. (2003). The dynamics of corruption with the ratchet effect. Journal of Public Economics, 87(3–4), 427–443. https://doi.org/10.1016/S0047-2727(01)00149-9
Deng, X., Xiong, W., Yuan, J., & Li, Q. (2009). Dynamic pricing and subsidy model for PPP projects based on satisfaction of participants. Journal of Southeast University. Natural Science Edition, 39(6), 1252–1257.
Domingues, S., & Zlatkovic, D. (2015). Renegotiating PPP contracts: reinforcing the ‘P’ in partnership. Transport Reviews, 35(2), 204–225. https://doi.org/10.1080/01441647.2014.992495
Eldenburg, L. G., Gunny, K. A., Hee, K. W., & Soderstrom, N. (2011). Earnings management using real activities: evidence from nonprofit hospitals. Accounting Review, 86(5), 1605–1630. https://doi.org/10.2308/accr-10095
Elwakil, E., & Hegab, M. (2020). Investment possibility based models for public-private partnerships in water projects. Canadian Journal of Civil Engineering, 47(4), 461–469. https://doi.org/10.1139/cjce-2018-0361
Fama, E. F. (1980). Agency problems and the theory of the firm. Journal of Political Economy, 88(2), 288–307. https://doi.org/10.1086/260866
Fearnley, N., Bekken, J. T., & Norheim, B. (2004). Optimal performance-based subsidies in Norwegian intercity rail transport. International Journal of Transport Management, 2(1), 29–38. https://doi.org/10.1016/j.ijtm.2004.04.003
Freixas, X., Guesnerie, R., & Tirole, J. (1985). Planning under incomplete information and the ratchet effect. Review of Economic Studies, 52(2), 173–191. https://doi.org/10.2307/2297615
Fu, S. Z., Zhuo, H. M., Song, H., Wang, J. C., & Ren, L. J. (2020). Examination of a coupling coordination relationship between urbanization and the eco-environment: a case study in Qingdao, China. Environmental Science and Pollution Research, 27(19), 23981–23993. https://doi.org/10.1007/s11356-020-08683-7
Geddes, R. R., & Reeves, E. (2017). The favourability of US PPP enabling legislation and private investment in transportation infrastructure. Utilities Policy, 48, 157–165. https://doi.org/10.1016/j.jup.2017.07.002
Gibbons, R. (1992). Game theory for applied economists. Princeton University Press. https://doi.org/10.1515/9781400835881
Gill, D., & Stone, R. (2010). Fairness and desert in tournaments. Games and Economic Behavior, 69(2), 346–364. https://doi.org/10.1016/j.geb.2010.01.002
Greco, L. (2015). Imperfect bundling in public-private partnerships. Journal of Public Economic Theory, 17(1), 136–146. https://doi.org/10.1111/jpet.12122
Guasch, J. L., Laffont, J.-J., & Straub, S. (2006). Renegotiation of concession contracts: a theoretical approach. Review of Industrial Organization, 29(1–2), 55–73. https://doi.org/10.1007/s11151-006-9109-5
Guetler, M., & Guetler, O. (2014). The interaction of explicit and implicit contracts: a signaling approach. Journal of Economic Behavior & Organization, 108, 135–146. https://doi.org/10.1016/j.jebo.2014.09.006
Han, H., Wang, Z., & Li, H. (2019). Incentive mechanism for inhibiting developer’s moral hazard behavior in China’s Sponge City projects. Advances in Civil Engineering, 2019, 6090683. https://doi.org/10.1155/2019/6090683
Hart, O. (2003). Incomplete contracts and public ownership: remarks, and an application to public-private partnerships. Economic Journal, 113(486), C69–C76.
Hart, O., & Holmström, B. (1986). The theory of constracts. Cambridge University Press. https://doi.org/10.1017/CCOL0521340446.003
Holmström, B. (1999). Managerial incentive problems: a dynamic perspective. The Review of Economic Studies, 66(1), 169–182. https://doi.org/10.1111/1467-937X.00083
Hu, Y., Wang, Y., Li, Y., & Tong, X. (2018). An incentive mechanism in mobile crowdsourcing based on multi-attribute reverse auctions. Sensors, 18(10), 3453. https://doi.org/10.3390/s18103453
Hueskes, M., Verhoest, K., & Block, T. (2017). Governing public–private partnerships for sustainability: an analysis of procurement and governance practices of PPP infrastructure projects. International Journal of Project Management, 35(6), 1184–1195. https://doi.org/10.1016/j.ijproman.2017.02.020
Jaramillo, J. J., & Srikant, R. (2010). A game theory based reputation mechanism to incentivize cooperation in wireless ad hoc networks. Ad Hoc Networks, 8(4), 416–429. https://doi.org/10.1016/j.adhoc.2009.10.002
Ke, Y., Wang, S. Q., & Chan, A. P. C. (2009). Government incentives for private sector involvement in infrastructure PPP projects. Journal of Tsinghua University, 49(9), 1480–1483. https://doi.org/10.1201/9780203859926.ch123
Koo, J., Yoon, G.-S., Hwang, I., & Barnerjee, S. G. (2013). A pitfall of private participation in infrastructure: a case of power service in developing countries. American Review of Public Administration, 43(6), 674–689. https://doi.org/10.1177/0275074012455453
Kreps, M. D., Milgrom, P., Roberts, J., & Wilson, R. (1982). Rational cooperation in the finitely repeated prisoners’ dilemma. Journal of Economic Theory, 27(2), 245–252. https://doi.org/10.1016/0022-0531(82)90029-1
Laffont, J. J., & Tirole, J. (1988). The dynamics of incentive contracts. Econometrica, 56(5), 1153–1175. https://doi.org/10.2307/1911362
Lai, X. D., Wu, G. D., Shi, J. G., Wang, H. M., & Kong, Q. S. (2015). Project value-adding optimization of project-based supply chain under dynamic reputation incentives. International Journal of Simulation Modelling, 14(1), 121–133. https://doi.org/10.2507/IJSIMM14(1)CO1
Li, H. M., Lv, L. L., Zuo, J., Bartsch, K., Wang, L. Y., & Xia, Q. (2020a). Determinants of public satisfaction with an urban water environment treatment PPP project in Xuchang, China. Sustainable Cities and Society, 60, 102244. https://doi.org/10.1016/j.scs.2020.102244
Li, H. M., Lv, L. L., Zuo, J., Su, L. M., Wang, L. Y., & Yuan, C. H. (2020b). Dynamic reputation incentive mechanism for urban water environment treatment PPP projects. Journal of Construction Engineering and Management, 146(8), 04020088. https://doi.org/10.1061/(ASCE)CO.1943-7862.0001879
Li, Y. F., Li, Y., Zhou, Y., Shi, Y. L., & Zhu, X. D. (2012). Investigation of a coupling model of coordination between urbanization and the environment. Journal of Environmental Management, 98, 127–133. https://doi.org/10.1016/j.jenvman.2011.12.025
Li, S., Hu, D., Cai, J. N., & Cai, H. B. (2020). Real option-based optimization for financial incentive allocation in infrastructure projects under public–private partnerships. Frontiers of Engineering Management, 7(3), 413–425. https://doi.org/10.1007/s42524-019-0045-0
Liu, J. C., Gao, R. L., Cheah, C. Y. J., & Luo, J. (2016). Incentive mechanism for inhibiting investors’ opportunistic behavior in PPP projects. International Journal of Project Management, 34(7), 1102–1111. https://doi.org/10.1016/j.ijproman.2016.05.013
Liu, Y., Sun, C. J. Y., Xia, B., Liu, S., & Skitmore, M. (2018). Identification of risk factors affecting PPP waste-to-energy incineration projects in China: a multiple case study. Advances in Civil Engineering, 2018, 4983523. https://doi.org/10.1155/2018/4983523
Luo, B., Wang, C. Y., & Li, C. Y. (2016). Incentive mechanism design aiming at deflated performance manipulation in retail firms: based on the ratchet effect and the reputation effect. Mathematical Problems in Engineering, 2016, 5412028. https://doi.org/10.1155/2016/5412028
Mohamed, I. S. (2015). Good governance, institutions and performance of public private partnerships. International Journal of Public Sector Management, 28(7), 566–582. https://doi.org/10.1108/IJPSM-01-2015-0005
Mohamed, K. A., Khoury, S. S., & Hafez, S. M. (2011). Contractor’s decision for bid profit reduction within opportunistic bidding behavior of claims recovery. International Journal of Project Management, 29(1), 93–107. https://doi.org/10.1016/j.ijproman.2009.12.003
Rablen, M. D. (2010). Performance targets, effort and risk-taking. Journal of Economic Psychology, 31(4), 687–697. https://doi.org/10.1016/j.joep.2010.05.002
Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of Accounting & Economics, 42(3), 335–370. https://doi.org/10.1016/j.jacceco.2006.01.002
Shang, L. M., & Aziz, A. M. A. (2020). Stackelberg game theory-based optimization model for design of payment mechanism in performance-based PPPs. Journal of Construction Engineering and Management, 146(4), 04020029. https://doi.org/10.1061/(ASCE)CO.1943-7862.0001806
Shi, L., Li, W. W., & He, Y. J. (2020). An incentive analysis of availability payment mechanism in PPP projects. IEEE Access, 8, 106046–106058. https://doi.org/10.1109/ACCESS.2020.2999932
Tadelis, S. (2016). The economics of reputation and feedback systems in e-commerce marketplaces. IEEE Internet Computing, 20(1), 12–19. https://doi.org/10.1109/MIC.2015.140
Peran, V. R. (2008). Subsidisation of urban public transport and the Mohring effect. Journal of Transport Economics and Policy, 42, 349–359.
van den Hurk, M., & Verhoest, K. (2017). On the fast track? Using standard contracts in public-private partnerships for sports facilities: a case study. Sport Management Review, 20(2), 226–239. https://doi.org/10.1016/j.smr.2016.07.004
Villegas, J. E., Gonzalez, E. M., Gonzalez, M. P., Anguita, J. V., & Vicent, J. L. (2005). Experimental ratchet effect in superconducting films with periodic arrays of asymmetric potentials. Physical Review B, 71(2), 024519. https://doi.org/10.1103/PhysRevB.71.024519
Wang, H., Xiong, W., Wu, G., & Zhu, D. (2018). Public private partnership in public administration discipline: a literature review. Public Management Review, 20(2), 293–316. https://doi.org/10.1080/14719037.2017.1313445
Xu, F., & Song, B. (2010). The dynamic incentive and monitor mechanism of government in public-private partnership projects. Chinese Journal of Management Science, 18(3), 165–173.
Yi, X. (2016). Incentive mechanism of public-private partnership rail transit project from the perspective of multitask principal-agent model. Journal of Transporation Systems Engineering & Information Technology, 16(3), 1–7.
Zhang, H., Jin, R., Li, H., & Skibniewski, M. J. (2018). Pavement maintenance-focused decision analysis on concession periods of PPP highway projects. Journal of Management in Engineering, 34(1), 04017047. https://doi.org/10.1061/(ASCE)ME.1943-5479.0000568
Zhang, H., & Qiao, W. (2018). Research on the dynamic performance incentive mechanism incorporated with re-examination of PPP project. Journal of Zhejiang University. Sciences Edition, 45(2), 188–195.
Zhang, X. Q. (2005). Financial viability analysis and capital structure optimization in privatized public infrastructure projects. Journal of Construction Engineering and Management, 131(6), 656–668. https://doi.org/10.1061/(ASCE)0733-9364(2005)131:6(656)
Zhang, Z., Wan, D., & Jia, M. (2008). An empirical research on the relationship between partner’s reputation and collaboration effects in PPP-accommodation function of formal contract and trust relationship. In Proceedings of 2008 International Conference on Public Administration (pp. 26–33), Minnesota, USA.